The 52-year-old Verdugo Village apartment complex in Glendale has traded hands for more than $50 million in a deal that will also provide a new name and significant upgrades to the property.
Interstate Equities Corp. an institutional apartment investor in Los Altos, bought the 126-unit community at 1717 N. Verdugo Road for $54.2 million, according to the company. Verdugo Village was 96 percent occupied at the time of the deal.
Once renamed, the three-story Towne at Glendale will get a renovated lobby and entrance, a new fitness center, an upgraded movie theater and new onsite storage for residents.
Brendan Gibney, who handles acquisitions for Interstate, said in a statement the purchase is part of the company’s strategy to increase investment in Glendale, which it sees as a growing market. Peter Casey, a director at the company, said the complex received numerous bids.
Adrienne Barr and Shane Shafer at Berkadia brokered the transaction, while Peter Smyslowski at Holliday Fenoglio Fowler LP arranged the acquisition loan provided by CIT Bank N.A., according to Interstate.