LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed a $13.5 million sale of an apartment portfolio in Glendale, Calif. The portfolio includes three non-rent controlled properties totaling 43 units which sold at an average price per unit of $314,000.
Albert Shilton, senior managing director with Charles Dunn Company, represented the seller, a Burbank-based private trust which completed a 1031 exchange into a retail property with the proceeds from this sale. Shilton also represented the buyer, a private investor from Los Angeles. Per CoStar records, over the past 12 months this portfolio transaction set sales records by trading at the lowest cap rate of 3.57 percent and highest GRM of 17.53 in the Glendale sub-market.
“The buyer is a seasoned investor who wanted to own in the growing Glendale market and recognized the untapped potential of these properties,” said Shilton. “The majority of the units were occupied by tenants paying rents that were well below market. The buyer plans on making substantial interior upgrades and bringing the rents to market rates as units become available.”
Shilton marketed the portfolio to more than 3,300 investors through a proprietary data base assembled over the last 28 years of his brokerage career. He received nine offers, five of which were from apartment owners in Glendale and the balance of which were West Side investors seeking non-rent controlled properties.
The three properties within the portfolio are situated just minutes apart and are all located east of Glenoaks Boulevard. The buildings were constructed between 1985 and 1990. Following are details on each property:
- 1151 Raymond Avenue sold for $8.4 million and includes three one-bedroom units and 24 two-bedroom units. The residences are above a full subterranean garage with 50 parking spaces. Other features include a solar panel system and a central courtyard with a garden area.
- 1115 Alameda Avenue sold for $2.4 million and includes two one-bedroom units and six two-bedroom units. The structure is three stories over on-grade parking for 14 vehicles.
- 1173 Justin Avenue sold for $2.7 million and includes four two-bedroom units, one three-bedroom unit and three four-bedroom units. The structure is three stories over a semi-subterranean garage with 15 parking spaces.
About Charles Dunn Company: Charles Dunn Company is one of the largest full-service regional real estate firms in the Western United States. Established in 1921 and headquartered in Los Angeles, the firm’s brokerage practice continues to be a market leader. The firm also manages more than 21 million square feet of office, industrial, retail, residential and mixed-use properties for third party clients and provides construction management, architecture and design, general contracting and capital markets services. With more than 260 team members in nine offices, Charles Dunn Company’s reach extends far beyond its physical locations, as its experienced professionals leverage their market knowledge, relationships, and expertise to achieve and exceed client expectations. www.charlesdunn.com