GLENDALE, CA-Multifamily Investment Partners LLC, a San Francisco-based real estate investment firm, has acquired the Glenoaks Apartments multifamily property for $12.4 million from Granite Investments Group. The 63-unit property was 100% leased at the time of the sale and had a tenant waiting list.
The buyer plans to renovate both the building exterior and interior units as they become available. “Multifamily Investment Partners likes to find properties where there is a value-added play,” Clark Everitt, IREA senior VP, tells GlobeSt.com. Everitt represented both the seller and buyer in the transaction along with VP William Everitt and associate David Leibowitz. Everitt explains that with renovations, the buyer hopes this property will fill a niche in the market for affordable luxury, providing an alternative to more expensive mixed-use options in Downtown Glendale.
The property originally functioned as a hotel but was remodeled into an apartment complex several decades ago. Charming details from the original property are still present throughout, most notably an inlay tile motif around the swimming pool. The building also features a rooftop fitness center with breathtaking city vistas. Multifamily Investment Partners will upgrade the community areas and renovate the building façade, but they plan to keep the unique original accents. As units roll over, they will add luxury finishes, like granite countertops and hardwood floors.
Located at 303 W. Glenoaks Blvd., the building is in a prime Glendale location near banking and law firm offices, which gives the building a strong local tenant pool. “They are looking at higher-end tenants and working professionals as their core audience who want high-end finishes and luxury apartments, but would prefer to be in a quieter more residential neighborhood,” says Everitt.
Although multifamily development is experiencing stronger activity, value-add multifamily properties are still a good investment option. GlobeSt.com has recently reported several funds focusing on value-add multifamily assets, including Regent Properties' Fund II, which recently held its first close with $60 million in commitments. Likewise, Oak Coast Properties also purchased a string of multifamily value-adds in Northern and Southern California for $42 million.
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Kelsi Maree Borland
