Los Angeles, CA, May 17, 2012 – Colliers International, the third largest global real estate services organization, has completed the $1.01 million sale of an eight-unit apartment property located at 692 E. Pine Ave (top left photo). in Altadena, Calif.
Han Widjaja Chen (bottom right photo) and Jeff Abraham of Colliers International represented the seller, a Northridge-based private investor. Chen also represented the buyer, Pasadena-based 692 Pine, LLC. The property was purchased at a 6.50 percent cap rate and was 100 percent occupied at the close of escrow.
“The Colliers International brokers worked together with the seller who was in a 1031 exchange, to identify a buyer for the property,” said Chen.
“Additionally, there was a collaborative effort within Colliers to team with our firm’s North Los Angeles industrial brokers, John DeGrinis, Patrick DuRoss and Jeff Abraham, to help achieve the client’s business expansion by selling the apartment property and acquiring an industrial building for the seller’s business.”
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Contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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