Jonathan Lee, Shahin Yazdi, Miles Musalman, Kyle Redmond and the rest of their team at George Smith Partners, a Los Angeles-based leading commercial real estate consulting firm, arranged $47 million in mortgage lending for Lumia, a property with more than 127 residential units. up Multi-Family Project in Azusa, CA.
The Transit Orientated Development Mixed Use project broke ground in the first quarter of 2022. Lumia will be a 5 story building with an underground parking level consisting of 127 residential units and approximately 10,000 SF of commercial, retail and restaurant space that can be divided into 6 separate units. There will be 176 parking spaces, 43 of which will be EV parking spaces.
“The Lumia development is poised to become a prime option for future residents as they grapple with rising housing costs and the inflationary pressures consumers are facing. Lumia will be one of the most affordable options for a Class A apartment building in the San Gabriel Valley. Coupled with the Gold Line just steps away, future residents will be able to take advantage of world-class public transportation to employment and entertainment opportunities, giving them greater control over their transportation costs and contributing to their household profit,” said Jonathan Lee, Principal/Managing Director at George Smith Partners.
“Serrano Development Group is excited to break ground on Lumia in Downtown Azusa. Lumia is our second major investment in the city and reflects our confidence in Downtown Azusa’s ongoing renaissance. Residents will enjoy thoughtfully appointed units with an emphasis on technology, making Lumia a premier residential option in the San Gabriel Valley,” said Jason Tolleson, director at Serrano Development.
Lumia is located in suburban San Gabriel Valley, east of Los Angeles, directly across from the Azusa Downtown Metro L (Gold) Line station, a new bus stop, Target and Smart & Final. This project will provide residential and retail opportunities for healthcare professionals in the City of Hope and Kaiser Permanente. The address is 800 N. Azusa Avenue, Azusa, CA.
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