The 1984-vintage property offers two separate parcels, assumable in-place financing, and significant rental upside in a supply-constrained submarket
Acacia Capital has put Legacy at Westglen, a 77-unit multifamily community at 1151 Sonora Avenue in Glendale, California, on the market after holding the asset for more than 14 years. Newmark is serving as exclusive advisor on the listing. Acacia originally acquired the property in September 2011 for approximately $19 million, or roughly $246,753 per unit.
Newmark’s Institutional Investment Sales team marketing the property is led by Senior Managing Director Chris Benton, Executive Vice Chairmen Geoff Boler and Joseph Smolen, Vice Chairman Jonathan Merhaut, Managing Director Anthony Muhlstein, and Associate Director Gabe Munson. Vice Chairman Lee Redmond and Managing Director Alec Newman of Newmark’s Debt and Equity, Structured Finance group are handling the financing advisory component of the assignment.
The community, built in 1984, consists of two adjacent apartment buildings situated north of Glenoaks Boulevard in one of the Tri-Cities submarket’s most established residential corridors. The property spans approximately 80,983 square feet of residential space across 77 apartments, with an average unit size of 1,051 square feet. The unit mix is composed primarily of two- and three-bedroom layouts, positioning the community well above local market averages in terms of unit size.
A key feature of the offering is the property’s configuration as two separate parcels, giving a potential buyer the flexibility to exit with a 62-unit asset and a 15-unit asset independently. Newmark’s marketing materials also highlight assumable in-place financing at a 4.25 percent interest rate with a maturity date of December 2029, covering 74 of the 77 units.
As of late March 2026, Legacy at Westglen was 94.9 percent occupied, with 148 parking spaces providing a 1.92 parking ratio. The property carries no city transfer tax, no rent control, and no Measure ULA exposure, as Glendale is not part of the City of Los Angeles. These regulatory characteristics distinguish the asset from comparable properties in neighboring jurisdictions that fall under the City of Los Angeles rent stabilization ordinance.
Newmark’s offering positions the property as a value-add play with upside across 74 of the 77 units. The marketing materials indicate that T6 occupancy is above 95 percent, with T60 lease trade-outs of 2.5 percent and 6 percent on T30 renewals. The surrounding submarket’s average home value of approximately $1.2 million implies that in-place rents at the property represent a roughly 59 percent discount to the cost of homeownership, according to the offering materials. This affordability gap supports durable rental demand among residents who are priced out of the for-sale market.
The listing arrives amid renewed investor interest in Glendale’s multifamily sector. Multifamily sales volume in Glendale reached $134 million in the fourth quarter of 2025, building on a recovery that began in the second half of 2024, according to a 2025 year-end report from Matthews Real Estate Investment Services. The average market price per unit in the submarket stands at approximately $390,000, according to Matthews.
Glendale’s multifamily vacancy rate rose to 4.6 percent at year-end 2025, nearly double its 2021 low, largely driven by new deliveries such as TENTEN Glendale, according to the Matthews report citing CoStar. However, the submarket continues to outperform the broader Los Angeles metro, where vacancy averaged 5.7 percent. Class C assets, which comprise roughly three-quarters of Glendale’s apartment inventory, remain comparatively tight at 4.3 percent vacancy.
New supply in Glendale remains constrained. At year-end 2025, only 108 units were under construction, representing approximately 0.3 percent inventory growth, according to CoStar data cited by Matthews. This limited pipeline should support gradual stabilization of vacancy and rents over the near term, even as rent growth across Glendale slowed to 0.4 percent year-over-year at the end of 2025, down from prior peaks of 6 percent. Average rents across the submarket sit at approximately $2,357 per month, with Class B properties averaging $2,477 per month.
The Tri-Cities region encompassing Glendale, Burbank, and Pasadena carries among the lowest existing apartment inventories in Los Angeles County at roughly 74,986 units and among the highest average rents at $2,437 per month, according to a recent Colliers market report. The constrained supply dynamic has attracted institutional attention, including a $126 million sale of a 235-unit property at 600 North Central Avenue in Glendale from Rockwood Capital to The Sobrato Organization during the first half of 2025, according to Lee and Associates’ mid-year 2025 multifamily market report for Los Angeles County.
Legacy at Westglen’s location places residents within a 15-minute drive of major employment centers and retail amenities, including the Glendale Galleria, Americana at Brand, and the Burbank Media District. Glendale’s 1980-to-1999-vintage apartment assets have historically demonstrated strong rent growth, with Southern California properties from that era producing a 5-year compound annual rent growth rate of 4.2 percent, according to the offering materials.
For Acacia Capital, the disposition would mark a monetization of a long-held asset in a submarket where supply constraints and regulatory advantages continue to attract multifamily investors. The firm, founded in 1986, has been an active participant in multifamily investing with activity spanning more than 20,000 units nationally, and has focused in recent years on acquiring middle-market properties with potential for income growth through renovation and improved management.
