CBRE Closes $53M Sale of Azusa Apartments
CBRE arranged the sale of Lumia, a newly constructed mixed-use multifamily community located at 850 N Azusa Ave. in Azusa, to Lumia Azusa LLC for $53 million. The CBRE team of Chris Tresp, Derrek Ostrzyzek, Rachel Parsons, Mike Murphy and Kenji Thomas represented the seller, Serrano Development.
“Lumia represents a premier, transit-oriented asset in a walkable setting in downtown Azusa, an emerging San Gabriel Valley submarket,” said Tresp, VP with CBRE. “The property’s combination of modern design, walkability and connectivity to major employment hubs positions it well for long-term growth.”
Completed in 2024, Lumia features 127 luxury apartment homes and 9,132 square feet of street-level retail, anchored by Wingstop and Pacific Dental Services. The property offers a walkable location adjacent to numerous shops, restaurants and businesses. Residents also benefit from direct access to the Azusa Downtown Metro Station, providing an eight-minute commute to Pasadena and connectivity throughout Los Angeles.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout