Dryden Townhome Apartments in Glendale.

Dryden Townhome Apartments in Glendale.

A private investor has acquired Dryden Townhome Apartments in Glendale in a 1031 exchange for $4 million, or $451,000 per unit.

Alexanian Apartment Advisors represented the landlord and listed the two-level, nine-unit property, located at 457 W. Dryden St. The brokerage also identified the buyer, who was transitioning out of a retail space and looking to grow a stake in the Glendale apartment market.

According to Alexanian, all the units were vacated in 2018 and then renovated with designer finishes. 

Alexanian Apartment Advisors Senior Vice President Greg Alexanian called the acquisition “a win-win for everyone” in a statement.

“The seller received a great cost per unit $451,000 for a property originally built in 1963,” Alexanian said, “and the buyer benefited from a turnkey asset in a market where adding value or inheriting outdated rents is just not attractive.”