Lee & Associates-LA North/Ventura Transacts Sale of 67-Unit Multifamily Property for $20,425,000
Private investor’s quick response preempts long line of interested buyers
LOS ANGELES – July, 7, 2015 –IMT Glendale Apartments, a 67-unit multifamily property at 1630 Calle Vaquero in Glendale, CA has sold to a private investor for $20,425,000, according to Lee & Associates-LA North/Ventura Managing Director Jim Fisher and Principal Mike Smith.
Fisher and Smith represented both the buyer and the seller, IMT Capital, LLC, in the transaction.
“The Glendale market has historically been predominantly made up of apartment properties of 50 units or less,” said Fisher, “but the recent focus on multifamily development is changing that profile, and this private buyer saw an opportunity to compete favorably in that emerging arena with this purchase.”
Some 3,000 apartment units have either been approved or are under construction in the city of Glendale, predominantly comprised of large, upscale complexes. These amenity-laden luxury apartments are changing the competitive landscape for rental properties and, as they come online with significantly higher rental rates, they will drive average rents higher for all multifamily properties in the submarket, making existing buildings all the more valuable.
“We received 54 signed confidentiality agreements from a mix of institutional and private investors in response to our mailing,” said Smith, but this buyer responded almost immediately with a very strong offer. Anticipating a high level of demand, he wanted to be pre-emptive, and the strategy succeeded.”
The property is well located close to many major freeways and features a mix of spacious studios, one- and two-bedroom units with a resort-style pool and sun deck, a fire pit, fitness center and clubhouse.