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Sunday, Jun 26, 2022

Glendale Apartment Complex Fetches $5.3 Million

A private investor has acquired the Winlake Apartments in Glendale for $5.3 million, or $314,705 per unit, in a 1031 exchange.The two-story building, located at 510 Winchester Ave., consists of 17 apartments and covers 11,866 square feet. It was constructed in 1965.Greg Alexanian, Levon Alexanian and Nick Hayner with Burbank-based Alexanian Apartment Advisors transacted the deal on behalf of the seller, Suprio and Rosalba Banjeree of Stevenson Ranch.“In 24 days, we were able to go under contract with a buyer who moved very quickly and had an impressive resume,” said Greg Alexanian in a statement.Close proximity to Walt Disney Co., Warner Bros. and other media giants in nearby Burbank was a huge draw, he added.Comparable area sales in Glendale include the nine units at 1022 Irving Ave., which sold in December for $3.8 million, or $420,000 a unit; the eight-unit 404 W. Dryden St., which also sold in December for $2.7 million, or $331,250 per unit; and the 10-unit 1037 Linden Ave., which sold in January for $3.4 million, or $340,000 per 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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