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The Cherng Family Trust, run by Panda Express co-founders Andrew and Peggy Cherng, just bought Pasadena's Trio Apartments for $154M from TIAA-CREF.
The deal added up to about $450/SF, or $506,579/unit, The Real Deal reports.
The 340,944 SF property at 44 North Madison Ave has 304 apartments above 14,357 SF of retail space.
TIAA-CREF paid $112.25M for the complex five years ago.
The Cherngs could be eyeing more real estate investments in the future. [TRD]
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