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SOUTHERN CALIFORNIA NEWS
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Glendale Apartment Property Traded in $54 Mil Transaction

1/05/17

Interstate Equities Corporation (IEC) has acquired a 126-unit multifamily property in Glendale for $54.2 mil ($430k/unit). The property, currently known as Verdugo Village, will be rebranded and renamed as Towne at Glendale.

The apartment community, located at 1717 N. Verdugo Rd, was built in 1965 and renovated in 2007 to condo specifications, featuring high-end finishes, central air conditioning and amenities that are characteristic of institutional-quality assets. It offers a mix of two- and three-bedroom units.

The Towne at Glendale is currently 96 percent occupied, and will undergo a series of capital improvements under the new ownership to enhance and expand its existing amenities. Planned renovations include a major redevelopment of the main lobby and entrance, the installation of a new fitness center, upgrades to the existing onsite movie theater, as well as the addition of onsite storage for residents.

This is the seventh acquisition to date within the buyer’s IEC Institutional Fund III, L.P., a fully discretionary, $200 mil commingled fund targeting value-add multifamily investments throughout coastal California.

According to IEC’s Brendan Gibney, Glendale, one of the tri-city submarkets of Los Angeles County’s San Fernando Valley, is poised for economic growth, boasting strong school districts, top employers, new residential developments and premier retail amenities including the Americana at Brand.

The acquisition loan was arranged by Peter Smyslowski at Holliday Fenoglio Fowler, L.P (HFF) and provided by CIT Bank, N.A.





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