Colliers International Completes $1.01 Million Sale of an 8-Unit Multifamily Property in Altadena, Calif.
Los Angeles, CA – May 17, 2012 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed the $1.01 million sale of an eight-unit apartment property located at 692 E. Pine Ave. in Altadena, Calif.
Han Widjaja Chen and Jeff Abraham of Colliers International represented the seller, a Northridge-based private investor. Chen also represented the buyer, Pasadena-based 692 Pine, LLC. The property was purchased at a 6.50 percent cap rate and was 100 percent occupied at the close of escrow.
“The Colliers International brokers worked together with the seller who was in a 1031 exchange, to identify a buyer for the property,” said Chen. “Additionally, there was a collaborative effort within Colliers to team with our firm’s North Los Angeles industrial brokers, John DeGrinis, Patrick DuRoss and Jeff Abraham, to help achieve the client’s business expansion by selling the apartment property and acquiring an industrial building for the seller’s business.”
About Colliers International
Colliers International is the third largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and valuation, consulting and appraisal services, mortgage banking and research.
Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Collier s International as the second most recognized commercial real estate brand in the world.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
