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Friday, Dec 1, 2023

Glendale Multifamily Sells for $91 Million

An apartment complex with 164 apartments has sold in Glendale for $90.7 million, or more than $553,000 a unit. Located at 318 W. Wilson Ave., the Harrison was built in 2018. The six-story structure features a 15,100 square-foot ground-floor retail space currently occupied by a CVS Pharmacy.  The residential space totals 128,790 square feet with a unit mix that includes studios, one-bed/one-bath, and two-bed/two-bath units ranging from 600 to 1,250 square feet.  Apartment community amenities include pool and spa, game room, two-level fitness center and yoga room, and a dog run. An expansive rooftop deck — featuring fire pits, barbecues and a bar — offers unobstructed views of Glendale and the surrounding mountains. A two-level subterranean garage provides 239 parking spaces. The property, which was 96-percent leased at closing, was marketed on behalf of the seller, an undisclosed Las Vegas-based developer, by the CBRE Los Angeles team led by Dean Zander, Stewart Weston and Chris Tresp.  The buyer is JRK, a large apartment landlord based in West Los Angeles.   The Harrison is walking distance to the Americana at Brand and Glendale Galleria retail centers. It’s also within two miles of the Interstate 5 freeway. “Another plus is the ground-floor CVS, which is an ‘essential needs' store that remained open and operating at full capacity throughout the pandemic,” Zander said in a CBRE statement. “The buyer was in a 1031 exchange and appreciated the strength of the location, the quality of the real estate and the durability of the income,” Zander continued. Vice President of Acquisitions Daniel Lippman of JRK — one of the largest multifamily landlords in the United States with a portfolio comprised largely of suburban garden-style communities — said that his company intends to expand its multifamily holdings with more urban infill product.“While it is somewhat contrarian, we see relative value in select urban infill product based on how it’s priced compared to suburban product and are focused on growing our portfolio to include more urban core assets than we’ve historically held.” said Lippman.Founded in 1991, JRK now owns and operates over 3,500 multifamily units in California. The Harrison Glendale marks the firm’s first foray as an investor in Los Angeles County since 2010. JRK’s Southern California portfolio also includes assets in Ventura County. Comparable area deals to the Harrison include 8259 Lankershim Blvd. in North Hollywood, a 196-unit multifamily complex which sold last June for $27.3 million, or $139,388 a unit; and the Griffith at 435 W. Los Feliz Road in Glendale, a 220-unit apartment property which sold in November 2019 for $118.5 million, or $538,636 a unit.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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