Jonathan Lee, Shahin Yazdi, Miles Musalman, Kyle Redmond and the rest of their team at George Smith Partners, a Los Angeles-based premier commercial real estate capital advisory firm, arranged $47 million in construction financing for Lumia, a 127+ unit ground-up multifamily project in Azusa, CA.
The Transit Orientated Development Mixed Use project broke ground in Q1 2022. Lumia will be a 5-story building with one level of subterranean parking consisting of 127 apartment units and approximately 10,000 SF of commercial, retail, restaurant space which can be divided into 6 separate units. There will be 176 parking spaces, 43 of those will be designed as EV stalls.
“The Lumia development is poised to become a premiere option for future residents as they contend with rising housing costs and the inflationary pressures consumers face. Lumia will be one of the lowest price point options for a Class A apartment building in the San Gabriel Valley. Coupled with the Gold Line mere steps away, future residents will be able to take world class public transportation to employment and entertainment options giving them better control over their transportation costs and adding to their household bottom line,” said Jonathan Lee, Principal/Managing Director at George Smith Partners.
“Serrano Development Group is excited to break ground on Lumia in Downtown Azusa. Lumia marks our second major investment in the City and is a reflection of our confidence in the ongoing renaissance of Downtown Azusa. Residents will enjoy thoughtfully appointed units with an emphasis on technology, making Lumia a premier housing option in the San Gabriel Valley,” Jason Tolleson, Principal at Serrano Development.
Lumia is located in a suburb in the San Gabriel Valley, east of Los Angeles, directly across from Azusa Downtown Metro L (Gold) Line station, a new bus station, Target and Smart & Final. This project will provide housing and retail opportunities for healthcare professionals at the City of Hope and Kaiser Permanente. The address is 800 N. Azusa Avenue, Azusa, CA.