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7/26/19
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A Glendale-based private investor paid $7.9 mil, or $272.4k/unit, for Lexington Apartments, a 29-unit multifamily property in Glendale. The property, located at 1111 E. Lexington Dr, was sold by The San Diego Zoo Global.
Built in 1973, Lexington Apartments is a two story community that comprises one building totaling 19.4k sf of rentable space on a .67-acre site. Lexington Apartments features a mix of two-bedroom/two-bath and one- bedroom/one-bath units with an average size of 668 sf. The property boasts a swimming pool, mailroom, walkways and covered parking.
“Due to below market rents, very desirable location, strong unit mix, and good parking, Lexington Apartments presented a tremendous value add opportunity. Consequently, the buyer pool was significant in size” says Otto Ozen, Executive Vice President of TMG. “We generated multiple offers at full price from our pool of private and exchange buyers. Ultimately, it was a private buyer who stepped up to the plate and made the most attractive offer to the seller to win this deal.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the buyer and the seller in the deal.
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