Montrose Manor Apartment Complex Purchased

Lee & Associates, the fourth largest full-service commercial brokerage company in the nation, has completed the sale of Montrose Manor, a two-story, 85-unit apartment building, for $12 million. The multifamily property, located at 2800 Montrose Ave. in La Crescenta, is 100 percent leased.

Jim Fisher, principal, and Mike Smith, associate, of Lee & Associates’ Sherman Oaks office represented the buyer, Realty Center Management Inc. (RCMI) and the seller, Anchor Pacifica, a comprehensive property management company.

According to Fisher, vacancies in the Crescenta Valley are around 2.5 percent due to high demand fueled by the low number of apartments, lack of land for new development and recent condo conversions. He says area properties rarely change hands, and when they do, competition is fierce.

“Acquiring Montrose Manor affords RCMI the opportunity to expand its presence in the tight Crescenta Valley multifamily market, where the company already owns another nearby property,” said Smith. “RCMI plans to upgrade the property’s interiors with granite countertops, new floors and more.”

Built in 1972, Montrose Manor offers a mix of studio, one- and two-bedroom units from 392 to 1,125 square feet. Rents, which range from $825 to $1,500 per month, are slightly below the average market rate of $1,300 per month.