A private investor has purchased a value-add apartment deal in Glendale for $5.9 million. The sales price equates to $330,556 per unit and equates to a 3.41% cap rate.

Located at 1022-1026 Thompson Avenue, the property has 18 total units with a mix of one- and two-bedroom floor plans in two buildings. The property was built in 1978, but several of the interior units have been upgrades. Still, there is significant upside for the buyer to complete additional renovations.

Priscilla Nee of CBRE represented the seller and the buyer in the deal.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Los Angeles
Multifamily
Capital Markets
West