LOS ANGELES—The Burbank-Glendale market—excluding Pasadena, which is typically lumped in to create the Tri-Cities market—is booming for multifamily investors. The market has all of the makings of a great investment market: high-demand, limited supply, great job markets (Disney and Dreamworks both have huge campuses here, not to mention other major studios) and rising rents. In fact, it shares many commonalities with Santa Monica, which is known for being one of the highest barrier-to-entry markets in Southern California, with one major bonus: it has no rent control. Greg Alexanian, SVP at Alexanian Apartment Advisors, has brokered countless deals in the market, including the recent sale of a seven-property portfolio for $32 million. We sat down with him for an exclusive interview to get some expert insight into the market.
GlobeSt.com: Why have Glendale and Burbank become high barrier markets?
Greg Alexanian: The Glendale and Burbank market has always been and will continue to be one of short supply. A multitude of owners here see multifamily ownership as wealth preservation and the assets tend to stay in family trust for generations. So, when product does come to market, that pent up demand translates into very quick days on market.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.