Editor's Note: This store has been updated from the original version published on July 8 to reflect the correct seller.

A 67-unit apartment complex in Glendale has sold to a private investor for $20.4 million, or roughly $305,000 a unit, after strong interest from potential buyers who believe that extensive new multifamily development in the city will drive up rental prices across the submarket.

According to real estate data provider CoStar Group Inc., the 55,240-square-foot IMT Glendale Apartments was sold on June 19 by IMT Capital of Sherman Oaks.

The three-building property, built in 1968 on a 2-acre hillside parcel, is located at 1630 Calle Vaquero near Glendale Community college.

There were more than 50 interested parties who responded to a mailer when the property was first put on the market, according to Jim Fisher, managing director at Lee & Associates-LA North/Ventura. He and Lee Principal Mike Smith represented both sides of the transaction.

With around 3,000 new apartment units under construction or in development in Glendale, existing multifamily properties are becoming more valuable as well, Fisher said. That’s because the newer, upscale complexes are coming online with luxury amenities and higher rental rates, lifting rates for all apartment complexes in the area.

The buyers, Faruque and Maria S. Sikder of Santa Monica, considered the complex a good investment opportunity and quickly made a strong offer.

“The Glendale market has historically been predominantly made up of apartment properties of 50 units or less,” Fisher said. “But the recent focus on multifamily development is changing that profile, and this private buyer saw an opportunity to compete favorably in that emerging arena with this purchase.”

The apartments are a mix of studios, one- and two-bedroom units with 24 garages, 41 carports and 21 open parking spaces. Current rental rates range from $1,485 to $2,415 a month, according to CoStar. Amenities include a clubhouse, fitness center, swimming pool and views of the mountains and downtown Los Angeles.