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5/28/14
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In recent LA-area multifamily sales activity, the Sirott Family Trust purchased two apartment buildings in Glendale for a total price of $24.74 mil. The assets contain a combined 85 units.
One of the acquisitions was The Villa Geneva Apartments, a 36-unit property located at 1304 E. California Ave in Glendale. The property was sold by Glendale Villa Geneva for $9.3 mil ($258.3k/unit).
The other purchase was the Villa Monaco Apartments, a 49-unit apartment building located at 1234 E. California Ave, also in Glendale. It was sold by Villa Monaco LTD for $15.5 mil ($316.3k/unit).
The Villa Geneva Apartments, built in 1987, and the Villa Monaco Apartments, built in 1988, were both purchased in excellent condition without any deferred maintenance required. Recent renovations have included newly painted walls, carpet, and linoleum in the kitchen & bath. Property amenities include subterranean parking and in-ground spa.
Jesus Henao, Vice President at NAI Capital’s Encino office, represented the Sirott Family Trust in the off-market transaction. According to Henao, the deal had a cap rate of 3.41 %.
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