Richard Battaglia Acquires 127-Unit Mixed-Use Property In Azusa For $53 Million From Jason Tolleson

A 127-unit luxury mixed-use apartment building, known as Lumia, located at 850 North Azusa Avenue in Azusa, California, was sold for $53 million. The property features 9,132 square feet of retail space leased to Wingstop and Pacific Detail Services. Built in 2024, it is transit-oriented and has achieved over 96% occupancy, positioning it well for long-term growth in a competitive multifamily submarket on the West Coast.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $53,000,000
• Units: 127
• Price Per Unit: $417,323
• Address: 850 North Azusa Avenue
• Market: Azusa
• Buyer: Richard Battaglia
• Seller: Jason Tolleson - Serrano Development
• Brokers: Chris Tresp, Derrek Ostrzyzek, Rachel Parsons, Kenji Thomas & Mike Murphy - CBRE

This transaction involved significant contributions from key individuals including Richard Battaglia as the buyer and Jason Tolleson representing Serrano Development as the seller. The brokerage team from CBRE, consisting of Chris Tresp, Derrek Ostrzyzek, Rachel Parsons, Kenji Thomas, and Mike Murphy, facilitated the deal, underscoring their expertise in managing high-value transactions in the real estate market.