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6/24/25
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An eight-unit multifamily property located at 420 West Adams St in Glendale, CA traded for $1.625 mil, or about $203k per unit. We’ve been told that the deal came in at the lowest cap rate recorded for an apartment transaction in Glendale in 2025, at 3.5%.
Darin Beebower and Arian Rejaei of Kidder Mathews represented the seller, Finch Charitable Remainder Trust 2024. The buyer was an all-cash investor based in Los Angeles. The deal closed in just nine days.
According to Kidder Mathews, the property attracted strong interest due to its desirable Glendale location and significant upside. With the potential to increase income as much as 70%, and a 6.55% proforma cap rate, the asset offers a significant value-add opportunity in a supply-constrained submarket.
“Stabilizing this asset will require a significant investment of both time and capital,” said Rejaei. “Given current market conditions—especially the challenges surrounding financing and insurance—we recognized the importance of finding the right buyer.”
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