PASADENA, CA – Lee & Associates, one of the nation’s largest broker-owned commercial real estate services firm, has negotiated a $6.6 million cash sale of a 18,735-square-foot multifamily property located at 171 N. Wilson Ave. in Pasadena, Calif.
Han Widjaja Chen, senior vice president of Lee & AssociatesServices Group (ISG), represented the seller in the transaction. The seller, Revere Investments, is a private real estate investment group based in Palos Verdes, Calif.
According to Chen, the negotiation illustrates the demand for multifamily investments in the San Gabriel Valley market with more buyers than sellers.
“Ourcampaign on this property was extremely successful resulting in 19 offers within the first three weeks of listing,” said Chen. “From the 19 offers, six of them were higher than the asking price. This is another sign of the major shift in price upswing for multifamily assets compared to the first quarter of 2013 and most of 2012.”
Built in 1987, the Monarch Terrace property contains 20 units. The property is conveniently located three blocks away from Interstate 210 and close to Old Town Pasadena and Pasadena City College. Buyer information was not disclosed.