August 19, 2019— CBRE announced the sale of a 34-unit multifamily community in Glendale, Calif. for $8.8 million to a private local buyer.
Priscilla Nee of CBRE represented the seller, an unidentified local investor.
Located at 2121 N. Verdugo Road, the 28,134 square-foot property was originally built in 1973. The unit mix consists of 32 one-bedroom/one-bathroom units and two two-bedroom/1.75-bathroom units. The apartment community has recently been upgraded and is walking distance to Glendale Community College.
The property is located approximately 11 miles north of Downtown Los Angeles and 8 miles west of Pasadena. The complex is within 3 miles of three major Los Angeles freeways that connect Glendale to the surrounding areas: SR 210, SR 134 and SR 2. The average household income within a one-mile radius of the apartment community is $160,634 and the average housing value is $1.11 million.
“This asset is a solid value-add opportunity in an exceptional North Glendale location, just minutes from Griffith Park, the Glendale Sports Complex and Downtown Glendale,” said Nee. “We received strong interest and received many competitive offers given its attributes. The selected buyer came in fully non-contingent and has a great track record with our team.”
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 percent 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 percent in the first quarter, down 10 basis points year-over-year, with rents rising 3.7 percent from the prior year.