Glendale Apartment Complex Fetches $5.3 Million

A private investor has acquired the Winlake Apartments in Glendale for $5.3 million, or $314,705 per unit, in a 1031 exchange.

The two-story building, located at 510 Winchester Ave., consists of 17 apartments and covers 11,866 square feet. It was constructed in 1965.

Greg Alexanian, Levon Alexanian and Nick Hayner with Burbank-based Alexanian Apartment Advisors transacted the deal on behalf of the seller, Suprio and Rosalba Banjeree of Stevenson Ranch.

“In 24 days, we were able to go under contract with a buyer who moved very quickly and had an impressive resume,” said Greg Alexanian in a statement.

Close proximity to Walt Disney Co., Warner Bros. and other media giants in nearby Burbank was a huge draw, he added.

Comparable area sales in Glendale include the nine units at 1022 Irving Ave., which sold in December for $3.8 million, or $420,000 a unit; the eight-unit 404 W. Dryden St., which also sold in December for $2.7 million, or $331,250 per unit; and the 10-unit 1037 Linden Ave., which sold in January for $3.4 million, or $340,000 per unit.