Berzack Investment Property Advisors Transacts 32-Unit Sale in Glendale, CA
Rental upside and other features attract 10 bidders for the asset
GLENDALE, CA – Feb. 3, 2014 – Berzack Investment Property Advisors, (www.berzackadvisors.com) a multifamily specialty group of Lee & Associates-LA North/Ventura, (www.lee-associates.com) transacted the sale of Winchester Apartments, a 32-unit multifamily asset at 1140 Winchester Ave. in Glendale, CA for $8,138,000 after receiving multiple offers on the property, according to Lee Principal Warren Berzack, who represented the buyer and seller.
“Glendale is becoming a highly sought-after location for multifamily investors, and this non-rent-controlled property offers good rental upside along with many other features, so we had tremendous interest,” said Berzack, who was joined in the transaction by Lee Principals Stephen Geiger and George Yessaie CCIM. “The competition generated by the 10 offers we received resulted in a sale price that was very close to the asking price,” Berzack added.
The buyer, C & P Properties, acquired Winchester Apartments in a 1031 Exchange transaction. The seller was a private family.
The expansion at Americana at Brand and the renovations at Glendale Galleria along with Glendale’s proximity to downtown Los Angeles have transformed the city and driven strong rental rate growth. At the same time, we are seeing developers move into the area and a number of multifamily units are currently under construction.
Winchester Apartments is a professionally managed complex built in 1987 with subterranean parking. The property features a mix of one-, two- and three-bedroom units with balconies and is located near the Golden State (5) Freeway and State Route 134.