Bisnow announces sale of 125 W. Palmer
Encino's Investment Real Estate Associates brokered the sale of a 20-unit apartment complex in Glendale for $3.69M after multiple offers were received.
The building sold at a 2.25% cap rate, which set a record for the lowest cap rate in Glendale. The 12,668 SF, 88-year-old building has a unit mix that consists of 16 single-bedrooms and four one-bedrooms. It is at 125 West Palmer Ave. The seller is undergoing a 1031 exchange, looking to increase cash flow by over 100% and have fewer management responsibilities.
The buyer plans to renovate the units and the building's exterior. IREA senior vice president David Leibowitz and associate Sevak Amranyan repped the seller, a private family trust and the buyer, a private LLC.
Read more at Bisnow.