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10/24/18
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October 24, 2018 – Glendale Apartment Property Fetches $400k/Unit
$8 mil purchase is of The Belmont
The Belmont, a 20-unit apartment property in the city of Glendale, has traded for $8 mil, or about $400k/unit. The property is located at 210-214 N Belmont St, south of the 134 Fwy between Glendale Ave and Chevy Chase Dr.
All the apartments are two-bedroom units, while some also have dens. There are washer/dryer hookups in each unit and two-car, side-by-side parking with dedicated, two-car garages for the largest units.
The seller, a family trust, put the property on the market following the passing of the trust principals. The buyer, Stanley A Sirott, is a private investor who owns a large multifamily portfolio.
Warren Berzack and Slavic Zlatkin with Lee & Associates represented both parties in the transaction. The deal closed at a 3% cap rate.
“This property has an awful lot going for it,” said Berzack. “It had been family-owned for some 30 years, and rents were about 30 percent below market. It is located in a very walkable section of Glendale, which is highly prized by investors.”
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