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2/01/18
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Champion Real Estate Company purchased two multifamily properties with a combined 104 market-rate units in Glendale, CA for $33.6 mil, or $323k/unit. The assets were acquired together in an off-market transaction.
The two properties are located less than two miles apart, at 720 N Louise St and Windsor at 1377 E Windsor Rd. Princess Louise (“Louise”) was built in 1970 and contains 42 units, while Windsor Real (“Windsor”) was built in 1972 and contains 62 units. The properties include a large percentage of multi-bedroom units with an average size of 951 sf.
“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” noted Parker Champion, Executive Vice President.
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