Lee & Associates Closes $6.6 Million Multifamily Sale in Pasadena

October 23, 2013

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Torrance, CA – October 23, 2013 – (RealEstateRama) — 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.<span id="more-2756"></span></p> <p>Han Widjaja Chen, senior vice president of Lee & Associates Investment Services Group (ISG), represented the seller in the transaction. The seller, Revere Investments, is a private real estate investment group based in Palos Verdes, Calif.</p> <p>According to Chen, the negotiation illustrates the demand for multifamily investments in the San Gabriel Valley market with more buyers than sellers.</p> <p>“Our marketing campaign 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.”</p> <p>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.</p> <p><strong>About Lee & Associates</strong><br /> Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 49 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin that house more than 750 brokers, Lee & Associates provides a wide range of specialized commercial real estate services. 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block_td_uid_6_6742b2c6987e7.block_type = "td_block_2"; block_td_uid_6_6742b2c6987e7.post_count = "4"; block_td_uid_6_6742b2c6987e7.found_posts = "4100"; block_td_uid_6_6742b2c6987e7.header_color = "#"; block_td_uid_6_6742b2c6987e7.ajax_pagination_infinite_stop = ""; block_td_uid_6_6742b2c6987e7.max_num_pages = "1025"; tdBlocksArray.push(block_td_uid_6_6742b2c6987e7); </script><div class="td_block_wrap td_block_2 td_block_widget td_block_id_3368476966 td_uid_6_6742b2c6987e7_rand td_with_ajax_pagination td-pb-border-top"><h4 class="block-title"><span>Recent Government & Nonprofit Press Releases</span></h4><div id=td_uid_6_6742b2c6987e7 class="td_block_inner"> <div class="td-block-span12"> <div class="td_module_4 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="td-module-image"> </div> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/napolitanos-statement-on-trump-administrations-attack-on-clean-water-ID09898.html" rel="bookmark" title="Napolitano’s Statement on Trump Administration’s Attack on Clean Water">Napolitano’s Statement on Trump Administration’s Attack on Clean Water</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/california">California RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-05T00:04:12+00:00" >July 5, 2019</time></div> </div> <div class="td-excerpt"> Rep. Grace F. Napolitano (D-El Monte), issued the following statement after the Trump administration announced a new proposal—claiming it to be pro-industry—which would weaken federal clean water rules, putting at risk the health and safety of millions of Americans </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/flood-protection-and-water-storage-ID09937.html" rel="bookmark" title="Flood Protection and Water Storage">Flood Protection and Water Storage</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-04T03:31:39+00:00" >July 4, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/senators-include-legal-protections-for-military-families-in-privatized-housing-in-defense-bill-ID09930.html" rel="bookmark" title="Senators: Include Legal Protections for Military Families in Privatized Housing in Defense Bill">Senators: Include Legal Protections for Military Families in Privatized Housing in...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:24:14+00:00" >April 1, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/mccarthy-introduces-legislation-to-repurpose-high-speed-rail-funding-to-water-infrastructure-projects-ID09929.html" rel="bookmark" title="McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure Projects">McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/congressman-kevin-mccarthy">Congressman Kevin McCarthy</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:20:36+00:00" >April 1, 2019</time></div> </div> </div> </div> </div> </div></div> <aside class="widget widget_archive"><div class="block-title"><span>Government & Nonprofit Press Release Archive</span></div> 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