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November 15, 2019
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MULTIFAMILY NEWS
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Investors Trade Apartment Property in Glendale for $259k/Unit

8/21/19

A 34-unit multifamily community in Glendale, CA sold for $8.8 mil, or $259k/unit. It is located at 2121 N. Verdugo Rd, just west of the 2 Fwy about midway between the 134 and 210 Fwys, about 11 miles north of Downtown Los Angeles and eight miles west of Pasadena.

The 28.1k sf property was originally built in 1973. It has a unit mix consisting of 32 one-bedroom/one-bathroom units and two two-bedroom/1.75-bathroom units. The apartment community has recently been upgraded and is walking distance to Glendale Community College.

Priscilla Nee of CBRE represented the seller, an unidentified local investor. The buyer was also a local investor.

“This asset is a solid value-add opportunity in an exceptional North Glendale location, just minutes from Griffith Park, the Glendale Sports Complex and Downtown Glendale,” said Nee. “We received strong interest and received many competitive offers given its attributes. The selected buyer came in fully non-contingent and has a great track record with our team.”

The multifamily market in the Greater Los Angeles area remained healthy in the first quarter, with a favorable vacancy rate and solid rent growth, according to the latest CBRE report. Construction activity was strong with completions totaling 13,600 units for the year ending in Q1 -- up 65.7% from the preceding four quarters. Nevertheless, demand in Los Angeles exceeded new supply with 14,803 units absorbed over the same time period. The vacancy rate in Los Angeles was 3.7% in the first quarter, down 10 basis points year-over-year, with rents rising 3.7% from the prior year.





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