MONROVIA, CA - A 53-unit multifamily property in the city of Monrovia, CA has traded for $12.2 million, according to Warren Berzack, president, and Stephen Geiger, partner of Berzack Investment Property Advisors Group of Lee & Associates-LA North/Ventura.
Berzack and Geiger represented the buyer and seller, both private investors, in the transaction at 1219 S Alta Vista Ave. in Monrovia.
“We received close to 10 offers and put the property into escrow within two weeks with a very strong private buyer who owns about 2,000 multifamily units in Southern California,” said Berzack. “Investors familiar with the area know that properties of this kind rarely come on the market, so we generated a great deal of interest, and we were able to achieve a very strong sale price due to the rental upside and the location.”
The property, built in 1971, includes 35 1-bedroom/1-bath units; 13 2-bedroom/1 bath units; and 5 2-bedroom/1.5 bath units.
In 1979, Bill Lee founded the first Lee & Associates office. Driven by a unique idea that would turn real estate brokers into company owners or “shareholders,” Lee's guiding philosophy was that the clients’ interests would be best served by a collective team effort from experienced sales agents who had an ownership stake in the privately-held organization, earned through exceptional performance and ethical practice.
Not merely employees, profit-sharing Lee owner/agents would strive to create a sense of shared responsibility and cooperation throughout the organization, and would encourage an orientation toward long-term client relationships and business solutions.