Newly Constructed 18-Unit Mixed-use Condominiums Sell in Altadena
Altadena, CA (December 8, 2017)—Coldwell Banker Commercial Advisors (CBC Advisors) today announced the closed sale of Millard Place at 1968 North Lake Avenue in Altadena, CA, for a sale price of $9,370,000. The property was sold by the original developer to an out-of-state private investor.
CBC Advisors multifamily investment team in El Segundo and its commercial and retail team in Glendale teamed up to close the listing. Tom Jonsson, managing principal, Jonathan Nikfarjam, managing principal, and Will James, director of multifamily investment sales, from the CBC Advisors’ El Segundo office and Bill Ukropina, managing principal and Colleen Carey, senior vice president in the CBC Advisors’ Glendale office represented the seller. Jonsson, Nikfarjam and James also represented the buyers in this transaction.
“Through our extensive marketing platform, we were able to uncover an all-cash 1031 Exchange Buyer that paid the Seller top market value,” said Jonsson. “The Buyer was very pleased as well with their purchase as the property represents a brand-new turnkey asset that is close to both new and planned developments and is projected to see continued rent growth.”
Built in 2015, Millard Place is a newly constructed, mixed-use condominium property with ground floor retail and office units. The property features 18 separate condos made up of 14 residential and four commercial units. The property can be sold individually at a later date as separate condominiums as it has full subdivision, final map and white slips. This is also a very strong location, with million-dollar homes surrounding the property. Additionally, the adjacent land (vacant lot) will be constructed into another luxurious project, continuing to beautify and modernize the area.
Jonsson, James, and Nikfarjam specialize in multifamily investment sales throughout Southern California with an emphasis in Los Angeles County. Recently, the El Segundo multifamily team was ranked among the most active Los Angeles multifamily agent teams and was recognized in 2017 by the Los Angeles Business Journal as Los Angeles’ “Top Multifamily Brokerage Team.”
As a full-service commercial real estate brokerage, CBC Advisors represents premier office, retail, investment, industrial and multifamily projects coast to coast while providing institutional-grade asset services nationwide.