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Thursday, Nov 21, 2024

18-Unit Glendale Multifamily Sold for $6 Million

A two-property townhome complex totaling 18 units has sold for $5.95 million, or $330,556 per unit, to an unidentified local buyer, according to brokerage CBRE Group Inc. Located at 1022-1026 Thompson Ave., the two buildings were constructed in 1978 and feature 14 units with two-bedrooms and one-and-a-half baths; and four one-bedroom/one-and-a-half baths units. The properties are supported by two on-site laundry facilities and separate gated subterranean parking garages. Priscilla Nee of CBRE represented both private seller and buyer, both of which are undisclosed. “This was a great value-add opportunity for a savvy investor,” Nee said in a statement. “This property is centrally located between downtown Glendale and Burbank and only minutes from the studios. This is a solid, income-producing investment with upside.”

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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