GLENDALE, CA - CNS Focused Investments announced that it has acquired Fairesta Park Apartments, a 92-unit apartment building for a purchase price of $24,250,000.
The property is located in the Los Angeles County community of Glendale with superior access to the major employment centers of Pasadena and Burbank through a variety of transportation links. Glendale is home to multiple employers that include Glendale Adventist Medical Center, Glendale Memorial Medical Center, Nestle, Walt Disney Imagineering, Diagnostic Laboratories, Verdugo Hills Hospital, DineEquity and Public Storage. Glendale's success in attracting employers reflects its location at the center of four major freeways including the I-5 Golden State Freeway, SR-2 Glendale Freeway, ST-134 Ventura Freeway, and the 210 Foothill Freeway. Each route provides easy access for residents, workers, and customers from around the region.
Over the next 24 months, CFI plans to modernize the 1960's-built property with a series of renovations to provide residents with popular interior finishes. Apartment interiors will take on a contemporary look with granite countertops, stainless steel appliances, new cabinetry, flooring and lighting.
CFI principal Shane Shafer commented, "Fairesta Park is a very exciting acquisition for us. Apartment properties this well located, in markets with such strong and improving fundamentals, rarely come available for purchase. We are growing our portfolio and are actively looking for similar apartment investments with renovation potential."
Fairesta Park represents the third investment by CFI, making the company one of the most active apartment buyers in the market. CFI is a recently formed fund comprised of institutional and individual investors to acquire value-added apartment communities in the vital job and transportation centers of Los Angeles, Inland Empire and Orange County.
The transaction was negotiated by Jeff Louks and Matt Ziegler from Marcus & Millichap's Encino Office.
CFI is led by apartment investors and operators Lee Carlson and John Nunn whose NYSE-listed and private company apartment experience spans more than 50 combined years and has most recently included NNC Apartment Ventures LLC, a $500 million portfolio in Southern California and Arizona. Carlson and Nunn are joined in CFI by Shane Shafer, whose real estate brokerage experience spans 15 years and includes $1 billion in apartment acquisition and disposition transactions.