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Tuesday, Feb 7, 2023

60-Unit Apartment Complex in Glendale Sells for $28 Million

A 60-unit multifamily complex in Glendale has sold for $28 million, or $467,000 per unit. The 70,552-square-foot property at 221 N. Cedar St. was built in 1986 and stands three stories. 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 Group 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; and Pacifica Glendale, with 40 apartments at 401-403 W. Glenoaks Blvd., sold for $10.6 million, or $263,750 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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