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Monday, Jul 15, 2024

Champ Wins GlenVerdugo

By MICHAEL AUSHENKER Staff Reporter Champion Real Estate Co. has acquired the GlenVerdugo apartments at 135 N. Verdugo Road in Glendale for $4.9 million, or $288,235 per unit. “We saw a steady stream of investor interest; ultimately the caliber and reputation of Champion won the asset,” said broker Greg Alexanian of Alexanian Apartment Advisors, a division of KW Commercial’s Burbank office, who acted as both the buyer and listing agent. Gordon Klett and the Klett Family Trust are listed as the seller by CoStar Group. The two-story, 17-unit multifamily asset, which covers 13,020 square feet, was owned by a private family trust for years. Situated on a major thoroughfare and in close proximity to Glendale’s downtown district, the asset has shown historically low vacancy. Comparable deals in the Glendale submarket include a pair of 2020 sales: A two-story, nine-unit property at 378 W. Wilson Ave, which sold for $2.4 million, or $268,333 per unit in late February; and the eight units at 200 S. Chevy Chase Drive, which sold for $1.76 million, or $220,000 per unit, in January.

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