Los Angeles Area Multifamily Community Sells to Private Buyer for $3.2 Million – CBRE
03 Nov 2020
Property sells above list price and closes in only two weeks
Los Angeles – CBRE announced the sale of a multifamily property in South Pasadena, Calif. to a local investor for $3.2 million.
CBRE’s Priscilla Nee represented the seller in the transaction.
Located at 1717 Huntington Drive, the 7,699 square-foot property was built on a 0.36-acre lot in 1955. The unit mix is comprised of eight two-bedroom apartments. The property features an on-site laundry facility and 14 parking spaces. The community is less than ten miles northeast of Downtown Los Angeles.
“This asset sits in a premier South Pasadena location, surrounded by award-winning schools and numerous amenities,” said Nee. “This was an above-list-price, all-cash transaction with a mere 15-day escrow. Prime locations, such as this one, continue to go quickly with private investors willing to step up aggressively.”
Nee also represented the buyer in the transaction.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.