SOUTH PASADENA, CA—The 20-unit multifamily property at 421-425 Mission St. in South Pasadena, Calif. has sold for $5 million. The 15,392-sq.-ft. property was traded in an off-market transaction.

The buyer and seller were not disclosed, but Han Widjaja Chen of Lee & Associates’ investment services group represented the private buyer, while Josh Levy and Matthew Dobson of Newmark Grubb Knight Frank worked on behalf of the seller.

“The buyer selected the property because of its excellent location, low interest rates and high barriers to entry market,” Chen said, in a statement. “More and more we’re seeing that low interest rates are fueling up demand and feeding market velocities right now.”

The buyer plans to hold the fully occupied property long term.