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Is This Market the Eastside Santa Monica?

LOS ANGELES—High barriers to entry, strong demand and great fundamentals, has created a perfect storm in the Burbank-Glendale market for multifamily investors, GlobeSt.com reports in this EXCLUSIVE story.

By Kelsi Maree Borland | Updated on October 19, 2016
Greg Alexanian Greg Alexanian is an SVP at Alexanian Apartment Advisors.

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.

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