Theme Park Developer Buys L.A. Luxury Apartments for $53M

A private investor has gotten his hands on a newly built mixed-use complex in one of Los Angeles County’s top up-and-coming communities. 

An affiliate of Richard Battaglia, an investor and former Disney employee who designs and develops theme parks, has paid $53 million for Lumia, a 127-unit luxury apartment building in Azusa, Calif., according to public records. CBRE’s Chris Tresp, Derrek Ostrzyzek, Rachel Parsons, Mike Murphy and Kenji Thomas represented seller Serrano Development in the deal. 

Built in 2024, Lumia features 9,132 square feet of retail space leased by Wingstop and Pacific Detail Services. The complex, at 850 North Azusa Avenue, is adjacent to the Downtown Azusa Metro stop. Amenities include a pool, a fitness center, a fire pit, a dog-wash station, and a business center with conference rooms.

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

With average occupancy at over 96 percent, the San Gabriel Valley is one of the tightest multifamily submarkets across the West Coast, according to CBRE research. Rent prices there have increased by roughly 44 percent over the past decade, and no substantial developments are expected to deliver beyond this summer. 

Elsewhere in Azusa, Legacy Partners in September paid $91.8 million for a vacant multifamily complex previously owned by Azusa Pacific University (APU). The university purchased the property in 2015 with intentions to use it for student housing, though ultimately opted to sell because it was underutilized, per APU’s website. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.