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3/28/18
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Champion Real Estate Company recently acquired two multifamily buildings totaling 104 units in Glendale for a combined price of $33.6 mil ($323k/unit). The two properties, located less than two miles apart, were purchased in an off-market transaction.
One of the properties, Princess Louise, was built in 1970, contains 42 units and is located at 720 N Louise St. The other property, Windsor Real, was built in 1972, contains 62 units and is located at 1377 E Windsor Rd. The properties include a large percentage of multi-bedroom units with an average size of 951 sf.
Glendale and the cities of Burbank and Pasadena comprise the Tri-Cities of the eastern San Fernando Valley/Western San Gabriel Valley. The Tri-Cities are highly sought-after locations with strong schools, clean and accessible community parks, renowned shopping and restaurants, as well as relative affordability in the Los Angeles metro area.
“The Glendale apartment market is largely bifurcated with the vast majority of units either being new construction or dated and untouched 1960’s and 1970’s product. With a comprehensive improvement plan, Louise and Windsor will provide an upgraded, clean and professionally managed living experience at a steep discount to the new construction,” states Parker Champion, Executive Vice President.
“Providing larger-sized homes in an updated apartment community while maintaining affordability in such convenient and desirable locations will offer the Glendale community with more options to enjoy the desired lifestyle,” comments Parker.
Arthur Arejian with Vanguard Investments represented both parties in this transaction.
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