NAI Capital Completes 15-Unit Multifamily Investment Sale in Glendale, CA
Los Angeles, CA, January 8, 2019– Senior Vice President Charles F. Dunn with NAI Capital’s Pasadena office completed the sale of a 15-unit multifamily investment property in Glendale, California. Charles represented the seller, Monica Properties LLC. The buyer was 511 S. Verdugo LLC. The investment sold for $3,257,000, or $217,133 per unit, at a 5.0% cap rate.
The apartment building is located at 511 S. Verdugo Road. The two-story, wood frame structure was built in 1962. The unit mix incudes 13 one-bedroom apartments, one studio and one two-bedroom unit with an average size of 1,166 square feet. The complex features 10 carports and five open spaces for a total of 15 parking spaces on the premises.
The property enjoys proximity to major amenities such as The Americana at Brand, Glendale Galleria, Glendale Memorial Hospital and excellent transportation access to the 134, 2 and 5 freeways.
All the units in the building are market rate. At the time of sale, the complex was 100% occupied.
Charles said, “Investors remain bullish on the multifamily market. My client is pleased with the sale of this asset which they had owned since 2006.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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