LOS ANGELES-C & P Properties has acquired the Winchester Apartments, a 32-unit multifamily complex located at 1140 Winchester Ave. in Glendale, GlobeSt.com reports in this exclusive story. Multifamily demand in the submarket has been slowly increasing, and the property received multiple offers from potential buyers.

“Glendale is becoming a highly sought-after location for multifamily investors,” says Warren Berzack, a principal at Lee & Associates L.A. North/Ventura office, who represented both the buyer and the seller in the transaction along with principals Stephen Geiger and George Yessaie.  “This non-rent-controlled property offers good rental upside along with many other features, so we had tremendous interest. The competition generated by the 10 offers we received resulted in a sale price that was very close to the asking price.” C & P Properties purchased the property for nearly $8.1 million from a private investor.

In a recent story, GlobeSt.com reported that Glendale currently has 2,000 units under construction and that the city's major retail centers, the Glendale Galleria and the Americana, underwent $170 million in renovations last year. With multifamily demand picking up, it is clear that Glendale is becoming an attractive investor submarket.

The property's one-, two- and three-bedroom units feature balconies while the building features subterranean parking.