NEWPORT BEACH, CALIFORNIA – Two of Northmarq’s Los Angeles investment sales leaders, Shane Shafer – managing director and Bryan Schellinger – managing director, completed the sale of Towne at Glendale for $79,742,270 ($630,000 per unit), establishing a new record for the city of Glendale for buildings built before the 1980s.
Northmarq represented the seller, Interstate Equities Corporation from Los Altos, who sold the highly sought-after asset. They renovated it over the last few years by implementing an extensive renovation of the common areas and building system. Towne represented an opportunity to control 27 percent of the 3- and 4-bedroom units in the city of Glendale in a location that caters to them. The buyer plans to expand upon the enhancement already completed and lease all units to renters earning between 80 percent and 120 percent of AMI.
Towne at Glendale is a rare and unique apartment community that has condo-sized units averaging 1,136 sq. ft. Located in the Verdugo Woodlands area of Glendale, California, the 126-unit multifamily property was built in 1965 and has undergone major renovations to provide luxury interior features and outstanding amenities. The asset is the highest quality campus of its vintage in Glendale due to amenities, location, and condo-quality infrastructure. Towne at Glendale is in a high-growth area experiencing a massive influx of jobs and tenants with high incomes ($151,251 average income). Nestled in between Burbank, Pasadena, and Downtown Los Angeles, Glendale has a population of approximately 200,000 people and is the fourth biggest city in LA County.
“This sale was significant as we were able to successfully close this transaction during a time when the debt and bond markets were volatile and changing daily, additionally, this property being sold to CSCDA and BLVD, will provide the much-needed affordable housing to the city of Glendale,” said Shafer.
A public-private partnership of CSCDA Community Improvement Authority (“CSCDA”) and BLVD Impact Housing (“BLVD”), was the buyer. BLVD’s Managing Director, Jake Walker, stated, “Creating quality essential housing for middle-income families is a key component of BLVD’s overall commitment to affordability. We’re excited to add this community to Glendale’s essential housing supply and place another building block in the solution to a growing middle-income housing crisis.” BLVD and its affiliates own and operate over 6,000 affordable units in 17 states. “Affordability is a complex problem that will require continued funding, innovation and the expansion of existing platforms like the essential housing program. BLVD will pursue all three in fulfilling our commitment to being an integral part of the solution,” added Walker.
Multifamily investment activity surged in 2022 and increased activity is likely in the next few quarters as well, as investor’s appetites for high-performing properties have increased. Read more about the overall multifamily market in Northmarq’s recently released National Multifamily Family 2022 Outlook.
About Northmarq
As a capital markets leader, Northmarq offers commercial real estate investors access to experts in debt, equity, investment sales and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of $30 billion, loan servicing portfolio of more than $70 billion and the multi-year tenure of our more than 700 people.
