Lee & Associates – Pasadena Successfully Closes 211 South Poinsettia Place in Los Angeles
October 11, 2024 (Pasadena, CA) – Lee & Associates – Pasadena
Founding Principal, Colleen Carey and Senior Vice President, Robert Leveen, represented the Buyer in a successful 1031 Exchange of 211 South Poinsettia Place in Los Angeles.
211 South Poinsettia Place is a seven-unit multi-family property built in 1989, with 12,976 square feet and a 4,000 square foot Penthouse Apartment. The property sits in a great location in Miracle Mile near Pan Pacific Park, The Grove, Farmers’ Market, and LACMA. The buyer was in a 1031 exchange. The seller, who no longer lives in the United States, had developed the property to live in the Penthouse unit.
“Our client was seeking a cash flowing apartment investment with a long-term view of someday potentially occupying one of the units. A tall order indeed within the 1031 exchange timeline. Fortunately, the prior escrow fell out and we were able to address some of the sellers’ needs and put it under contract. The oversized penthouse was very appealing to our client, given their desire to potentially occupy it many years in the future.” explains Robert Leveen.
“The Buyer is a long-term client of mine, having represented them several years ago in the purchase of the multi-tenant office building that became the downleg for this acquisition plus a smaller office building in South Pasadena that will serve as their corporate headquarters.” explains Colleen Carey.
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| Colleen Carey Principal 626.240.2782 ccarey@lee-associates.com License ID 01258120 |
Robert Leveen Senior Vice President 213.995.6684 robert.leveen@lee-associates.com License ID 01476685 |
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ABOUT LEE & ASSOCIATES
Lee & Associates – Pasadena is a full service commercial real estate company headquartered in Pasadena, CA. Our client-focused brokers specialize in office, retail, tenant advisory, multifamily, and investment sales. As the fastest-growing broker-owned firm in the nation, with more than 60 office locations in North America, we are uniquely qualified to support our clients’ real estate needs in the local, national and international markets. For more information, visit lee-pasadena.com.
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