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November 30, 2023
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Glendale Multifamily Community Acquired for $80 Mil by a Public-Private Partnership Between CSCDA and BLVD


Towne at Glendale, a 126-unit multifamily community in Glendale, was acquired by a public-private partnership of CSCDA Community Improvement Authority (CSCDA) and BLVD Impact Housing (BLVD), for $79.7 mil ($630k/unit). The property was sold by Interstate Equities Corporation, out of Los Altos.

Built in 1965, Towne at Glendale features condo-sized units averaging 1.1k sf. Interstate had renovated the property over the last few years by implementing an extensive renovation of the common areas and building system. The buyer plans to expand upon the enhancement already completed and lease all units to renters earning between 80% and 120% of AMI.

Towne at Glendale is in a high-growth area experiencing a massive influx of jobs and tenants with high incomes ($151,251 average income). Nestled in between Burbank, Pasadena, and Downtown Los Angeles, Glendale has a population of approximately 200,000 people and is the fourth biggest city in LA County.

Shane Shafer and Bryan Schellinger out of Northmarq’s Los Angeles office represented the seller in the transaction.

BLVD’s Managing Director, Jake Walker, stated, “Creating quality essential housing for middle-income families is a key component of BLVD’s overall commitment to affordability. We’re excited to add this community to Glendale’s essential housing supply and place another building block in the solution to a growing middle-income housing crisis.” BLVD and its affiliates own and operate over 6,000 affordable units in 17 states. “Affordability is a complex problem that will require continued funding, innovation and the expansion of existing platforms like the essential housing program. BLVD will pursue all three in fulfilling our commitment to being an integral part of the solution,” added Walker.

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