CBRE Arranges Sale of Lumia Apartments in Azusa, Calif. for $53 Million

CBRE announced today that it has arranged the sale of Lumia, a newly constructed mixed-use multifamily community located at 850 N Azusa Avenue in Azusa, California, to Lumia Azusa LLC for $53 million.

CBRE’s Chris Tresp, Derrek Ostrzyzek, Rachel Parsons, Mike Murphy, and Kenji Thomas represented the seller, Serrano Development, in the transaction.

Completed in 2024, Lumia features 127 luxury apartment homes and 9,132 square feet of street-level retail in the heart of Downtown Azusa, one of the most desirable communities in the San Gabriel Valley. The property offers a highly walkable location adjacent to numerous shops, restaurants and businesses. Residents also benefit from direct access to the Azusa Downtown Metro Station, providing an eight-minute commute to Pasadena and seamless connectivity throughout Los Angeles.

Lumia’s modern architecture and high-end finishes complement amenities including a resort-style pool and spa, a fitness center, coworking spaces, and pet-friendly facilities. The retail component is anchored by Wingstop and Pacific Dental Services.

“Lumia represents a premier, transit-oriented asset in a walkable setting in downtown Azusa, an emerging San Gabriel Valley submarket,” said Chris Tresp, Vice President at CBRE. “The property’s combination of modern design, walkability and connectivity to major employment hubs positions it well for long-term growth.”

According to CBRE Research, the San Gabriel Valley multifamily market continues to demonstrate exceptional strength, with stabilized vacancy at just 4.06% and projected to remain below 4% through 2029. Average occupancy is forecasted at 96.1%, among the tightest on the West Coast, supported by strong employment hubs and limited new supply. Rents in the submarket have grown by approximately 44% over the past decade and no significant deliveries are expected beyond mid-2026, reinforcing Lumia’s long-term value proposition.