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San Fernando
Tuesday, Mar 5, 2024

Units Net $28 Million

By MICHAEL AUSHENKER Staff Reporter A 60-unit multifamily complex in Glendale has sold for $28 million, or $467,000 per unit. The 70,552-square-foot, three-story building at 221 N. Cedar St., also known as 221 Cedar, was built in 1986 and sits on just over an acre of land. Partner David Leibowitz and Senior Partner Chris Thompson of Encino-based IREA represented the seller, 221 N. Cedar St. Associates LP, while IREA’s Leibowitz also represented the buyer, a private family trust. CoStar Group’s online database identified the seller as Jeanette Zakari of Beverly Hills and noted the property had been under Zakari’s ownership since 2011. “Due to the location, size and unit mix, there were over 10 offers on the property,” Leibowitz said in a statement. “This traded at near record highs on a price per unit basis for buildings of a similar age in Glendale and was one of the lowest cap rate deals within the last 12 months.” According to CoStar’s comparable sales, Yosemite Gardens, a 50-unit multifamily complex at 1580 Yosemite Drive in Glendale, sold for $15.5 million, or $310,000 per unit, in January. Last October, the 31 units at 5635 Monte Vista St. sold for $9.2 million, or $297,580 per unit.

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