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6/25/19
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A 19-unit multifamily community in Glendale sold for $7.6 mil ($400k/unit). Constructed in 1987, the 18.9k sf property sits on a 15k sf lot at 714 E. Acacia Ave.
The unit mix consists of all two-bedroom/two-bathroom apartments. The community features underground parking, intercom entry, central air & heat and an on-site laundry facility. A portion of the units have been recently renovated, with new stainless-steel appliances, granite countertops and wood flooring.
The property is located approximately eight miles north of Downtown Los Angeles and seven miles west of Pasadena. The complex is equidistant from three major Los Angeles freeways that connect Glendale to the surrounding areas: I-I-5, SR 134 and SR 2. In 2018, the average household income in Glendale was $94.5k and the average home value was $819,757.
Priscilla Nee of CBRE represented the seller, a private investor. According to Nee, the listing generated multiple offers within the first week and ended up selling for $300k over the original asking price.
The multifamily market in the Greater Los Angeles area remained healthy in the first quarter, with a favorable vacancy rate and solid rent growth, according to the latest CBRE report. Construction activity was strong with completions totaling 13,600 units for the year ending in Q1 -- up 65.7% from the preceding four quarters. Nevertheless, demand in Los Angeles exceeded new supply with 14,803 units absorbed over the same time period. The vacancy rate in Los Angeles was 3.7% in the first quarter, down 10 basis points year-over-year, with rents rising 3.7% from the prior year.
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