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3/14/23
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The Glendon Apartments, a 27-unit apartment building in the Palms area of West Los Angeles, sold for $11.55 mil, or $428k/unit. The property, located at 3724 Glendon Ave, was sold by JEB Properties Inc.
Built in 1986, the well-maintained, four-story asset with three floors of housing includes a mix of single, one- and two-bedroom-units. All of the units are spacious and feature private balconies, high ceilings, and large closets, with third-floor units featuring lofts and exceptionally high ceilings reaching up to 20 feet in certain rooms. The Glendon has a secured front door entry and parking garage, 43 gated garage parking spaces on two floors, a charming entry lobby, an elevator, on-site laundry, and tasteful landscaping, among other features.
The asset is located near the Venice Blvd and Overland Ave intersection, and the 10 Fwy, offering residents easy access to the many employment, shopping, dining, entertainment, and recreation options of Culver City, Mar Vista, Century City, Beverly Hills, Marina Del Rey, and Santa Monica.
The buyer was The Glendon LP. Matthew Kanner with Keller Williams Commercial represented the seller in the transaction, which had a closing cap rate of 3.84%.
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