Glendale Multifamily Prices Are Only Going Up
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The property has 58 units.
GLENDALE, CA—A private investor has sold the Adams Street Apartments in Glendale for nearly $2 million over the list price in a 15-buyer bidding war. The property is located in a great location and has a value-add component and rental upside, which helped to attract strong buyer interest. However, with prices hitting their peak in more primary L.A. markets, we may be seeing more and more investors heading to the tri-cities market this year.
“I am seeing a lot of buyers, whether institutional or private, starting to look at Glendale, Pasadena and Burbank as a market that has a lot of upside in rents,” David Leibowitz, VP at Investment Real Estate Associates, tells GlobeSt.com. “I think you are going to see some leveling off in general with the Fed raising the interest rate, and there is going to be an impetus to have the market somewhat stabilize. But, even with interest rates starting to go up, which could stabilize the market, there are a lot of eyes looking at potential for rent growth in these areas as far greater than comparable locations. I think that 2016 is going to be a very strong year.” Leibowitz represented the buyer and the seller in the transaction, along with EVP Chris Thompson…
