Glendale Apartments Fetch $20 Million
By Carol Lawrence, San Fernando Valley Business Journal
A 63-unit apartment complex in Glendale has traded for $20 million, delivering a 60 percent gain to the sellers, according to Encino commercial real estate firm Investment Real Estate Associates.
A partnership using the limited liability entity name of Olympic Town paid about $318,000 a unit for the complex at 1001 Melrose Ave., just north of the 134 freeway, IREA said. The seller was the Bascom Group, according to CoStar Group Inc., which is associated with a limited liability entity named 1990 Latham Apartments.
The complex last sold in 2013 for $12.5 million, or about $198,000 a unit.
The complex was built in 1962 and has been renovated. It offers a roof-top gym, courtyard pool, recreation room, business center and common areas.
Another Glendale complex sold recently. The 34-unit community at 123 E. Windsor Road changed hands in July for $5.63 million., or nearly $166,000. It was built in 1929.