Lee & Associates ISG Closes $1.425 Million Multifamily Sale
Torrance, CA – April 5, 2013 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed the $1.425 million sale of an 8-unit multifamily property located at 238 N. Verdugo Road in Glendale.
Senior Vice President Han Widjaja Chen and Managing Director Matthew Sullivan of Lee’s Investment Services Group represented the buyer and seller, both of which are private investors.
The property is located in a mix of residential and commercial area with excellent access to FWY 134 and FWY 2. The seller had owned the property for more than 10 years.
“This sale represents an uptick in multifamily investments activities.” said Chen. “Buyers are taking the low interest rate opportunities to acquire good located asset as a hedge against other types of investments. This sale provided a “win-win” situation for the buyer and seller who were both able to achieve their investment goal through this transaction.”
According to Chen, the buyer is planning to hold the property for long term investment. The 8-unit property was fully leased at 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 46 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 730 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
