GLENDALE, CA – The Belmont, a 20-unit apartment property in the city of Glendale, has traded for $7,995,000 or just under $400,000 per unit, according to Warren Berzack, National Director, Lee & Associates, Multifamily Advisory Group, who represented the buyer and seller in the transaction with Lee Principal Slavic Zlatkin.
“This property has an awful lot going for it,” said Berzack. “It had been family-owned for some 30 years, and rents were about 30 percent below market. The unit mix is excellent, and it is located in a very walkable section of Glendale, which is highly prized by investors.”
All the units at the property, located at 210-214 N Belmont St., are two-bedroom and some have dens. There are washer/dryer hookups in each unit and two-car, side-by-side parking with dedicated, two-car garages for the largest units.
The seller, a family trust, put the property on the market following the passing of the trust principals. The buyer, Stanley A Sirott, is a private investor who owns a large multifamily portfolio.
The sale price represents a 3 percent cap rate.
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