Lee & Associates Closes $7.7 Million Multifamily Sale in Panorama City
Torrance, CA – June 18, 2013 – (RealEstateRama) — Senior Vice President Han Widjaja Chen of Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed the $7.75 million sale of an 81-unit multifamily property at 14630-14654 Blythe Street in Panorama City, Calif.
“The market has really shifted for rent control properties in San Fernando Valley,” said Chen of Lee’s Investment Services Group office who represented both the private buyer and private seller. “We have more buyers seeking acquisition opportunities and there are always gaps between asking and bid prices on these properties. That’s where we as brokers provide value and bridge those gaps to help both sellers and buyers achieve their goals.”
The buyer intends to execute a long-term hold on the property for cash flow purposes. Built in 1950, the property is 98 percent leased.
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 750 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
