Expanding Apartment Market Draws Investors to Jewel City
- Jul 08, 2015
As Glendale’s multifamily market continues to shift towards larger developments, a private investor recently closed on the acquisition of IMT Glendale Apartments, a 67-unit community at 1630 Calle Vaquero. IMT Capital, LLC sold the property for approximately $20.4 million.
“The Glendale market has historically been predominantly made up of apartment properties of 50 units or less,” Fisher said. “But the recent focus on multifamily development is changing that profile, and this private buyer saw an opportunity to compete favorably in that emerging arena with this purchase.”
Glendale currently has about 3,000 apartment units in the pipeline, most of which are part of large, amenity-rich, upscale complexes. Upon completion, these developments are expected to command higher rental rates, which in turn will lead to increased average rents for all multifamily properties in the submarket.
“We received 54 signed confidentiality agreements from a mix of institutional and private investors in response to our mailing,” added Smith. “But this buyer responded almost immediately with a very strong offer. Anticipating a high level of demand, he wanted to be pre-emptive, and the strategy succeeded.”
Located in proximity to many major freeways, IMT Glendale Apartments features a mix of spacious studios, one- and two-bedroom units. Amenities include a resort-style pool and sun deck, a fire pit, fitness center and clubhouse.
Founded more than 36 years ago, Lee & Associates is the largest broker-owned firm in the country. With almost 800 brokers and 54 locations across the nation, the company provides a wide range of specialized commercial real estate services on a local, regional and national level.
Photo credits: Lee & Associates-LA North/Ventura