Glendale Apartments Trade at 3.4% Cap Rate

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.