Keller Williams Commercial announced the sale of Glassell Apartments in Los Angeles to investor Fred Afari and Oaktree Investment Fund for $8.6 million.
Glassell Apartments, located at 3367 Andrita Street is a 35-unit multifamily located in the small submarket of Glassell Park near Glendale & Eagle Rock. Built in 1989, the property is subject to AB 1482 rent control and was delivered over 60% vacant. The property was sold by a family trust that had owned the property for over 20 years.
Andres Diaz, managing director of Keller Williams’ Commercial office in Downtown Los Angeles represented the seller and procured the buyer, a 1031-exchange investor.
“This was the first time a property of this size and magnitude was offered for sale in over 15 years in Glassell Park. The buyer understood the inherent value in owning a multifamily property in a submarket with low velocity and immediate upside due to vacancy.”
Added Diaz, “Glassell Park is one of the hottest neighborhoods in Los Angeles with a growing demand for residential units. By the end of 2023, there will be at least 400 apartment units coming to market and close to 100 small lot homes within walking distance to the subject property.”
Glassell Apartments sold for approximately $246,000 per unit & $303 per square feet.
