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Theme Park Developer Buys L.A. Luxury Apartments for $53M
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Commercial Observer
A private investor has gotten his hands on a newly built mixed-use complex in one of Los Angeles County’s top up-and-coming communities.
CBRE’s Chris Tresp, Derrek Ostrzyzek, Rachel Parsons, Mike Murphy and Kenji Thomas represented seller Serrano Development in the deal.
The complex, at 850 North Azusa Avenue, is adjacent to the Downtown Azusa Metro stop.
“Lumia represents a premier, transit-oriented asset in a walkable setting in Downtown Azusa, an emerging San Gabriel Valley submarket,” Tresp said in a statement.
Elsewhere in Azusa, Legacy Partners in September paid $91.8 million for a vacant multifamily complex previously owned by Azusa Pacific University (APU).