Lee & Associates Closes $4.45 Million Multifamily Sales
SOUTH PASADENA, CA – May 24, 2013 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed a $4.45 million multifamily sale at 601 Meridian Avenue.
“The seller acquired the property last year and added value when he increased the rents significantly through several additional upgrades to the property. In addition, the San Gabriel Valley apartment market is very tight with limited inventory which makes this property a very attractive offering to buyers,” said Han Widjaja Chen of Lee’s Investment Services Group who represented seller and buyer.
According to Chen, who was the listing broker, the 21-unit property generated three offers and was in escrow within two weeks of the listing period. The buyer plans to execute a long term hold on the property which will fit well within their portfolio. The property was 100 percent leased at the close of escrow.
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 48 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
CONTACTS:
Lee & Associates
Andrea Lee
Marketing Assistant to Han Widjaja Chen
Direct: 626.594.4901
Chen.team (at) lee-associates (dot) com
