Glendale Apartment Fetches $12.5 MillionThursday, October 10, 2013
The Glenoaks Apartments, a 63-unit building in Glendale, has sold for about $12.5 million to a San Francisco firm.
The 47,950 square foot complex at 303 W. Glenoaks Blvd. was built in 1962 as a motel, but was converted to an apartment building several decades ago. The sale price was $12,480,000.
David Leibowitz, associate at real estate advisory firm Investment Real Estate Associates in Los Angeles, who represented both the buyer and the seller, said his previous relationship with the seller helped close the deal quickly and off-market.
“I had been talking with the seller for awhile and when he told me he was about to list it, I asked him to hold off to see what I could do. He gave me two days to do it and we were able to get it done.”
Clark Everitt, senior vice president at IREA, represented both the buyer, Multifamily Investment Partners LLC of San Francisco, and the seller, Granite Investment Group of Irvine. The deal closed late last month.
Everitt said there were several offers for the building and that the new ownership has long-term plans for the property.
“These guys are going to fully renovate the units as they turn over and make them luxury units.” he said. “This price point is going to be more affordable than the glitz and glamour of the mixed-use construction going up, but still high-end.”
The four-story building is 100 percent leased and features a mix of studios, one-, two- and three-bedroom units. There is a pool on the premises and a gym on the top floor with a view of the Verdugo Mountains.
Multifamily Investment Partners has about 10 buildings, all on the West Coast, with most of its properties in the San Francisco area. In Southern California, the firm owns the 52-unit Santa Barbara Apartments in Newport Beach.
Attempts to reach a representative of Multifamily Investment Partners were not successful.
William Everitt, vice president at IREA, also represented both the buyer and the seller.