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Tuesday, Mar 5, 2024

Montrose Multifamily Property Sells

Calabasas-based Marcus & Millichap has announced the sale of 2387 Florencita Dr. in Montrose for $3.3 million. The two-story, 8,200 square-foot multifamily property in the Glendale submarket sits on less than a quarter acre. Built in 1963, the complex houses 10 units, which means the price is a little more than $330,000 a unit. Nearby comparable sales in the Montrose community were $504,000 a unit for a 29-year younger complex and $302,000 and $335,555 per unit for somewhat older complexes. Alex Forster, Paul Darrow and Kevin Green with THG Multifamily of Marcus & Millichap represented the seller, private investor Stanley M. Tenerelli, of La Canada Flintridge. According to CoStar data, the buyer is the Craig & Barbara Peskind Living Trust of Bell Canyon. “The location, diverse unit mix and financial metrics generated significant initial interest amongst investors. Through our marketing efforts we were able to achieve multiple non-contingent offers well above list price. Signing purchase contracts days before the homestay orders posed a unique challenge to this transaction. With the hard work of the team we were able to successfully close this transaction within 21-days,” Forster said in a statement. Added Darrow: “The location and investment narrative of premium renovations of 2- and 3-bedroom floorplans targeting young families wanting to be in such a highly rated school system allowed us to achieve an above list pricing in a supply constrained market during an uncertain period.”

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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