Off-Market Offering

This property has never sold before. This is a unique opportunity to invest in a turn-key property located in a great and growing market. Sound underlying financials and strong economic performance in the surround submarket makes for an attractive investment offer.
Developers spared no expense on this property. Legendary Glendale offers residents a multitude of amenities such as a the spa, skydeck, rooftop dog park, and state-of-the-art fitness center.

The uncertainty of the pandemic has resulted in more leases being signed on a month-to-month basis. In order to remedy this, management have kept rental rates low in order to maintain consistent occupancy numbers.
Over the last eight months, leasing has returned to normal conditions and units are being rented for market rates. With that in mind, there is still a significant opportunity for rental increases as nearly half of the units are being rented month to month.

Retail space six, 1,264SF has 3 potential new tenants interested. Asking rate for this space is $4/SF NNN.

Just a few blocks walking to the famous Glendale Galleria & The Americana at Brand Shopping Center, Legendary Tower Glendale is centrally located near exquisite retail. The property is situated on the prime corner of California Ave. & Central Blvd. one block west of Brand Blvd and minutes from the 134 freeway.
After rising in the early stages of the pandemic, apartment vacancy in the Glendale submarket has since come down and is currently 2.4%, representing very healthy occupancy levels. Average rents in Glendale rates trended downward through much of 2020 but recovered to pre-pandemic levels in 21Q2. Rates are presently growing at 6.7% on a year-over-year basis, in line with the pace of the Greater L.A. apartment market.
Glendale was one of L.A.'s hotspots for new multifamily construction last decade, with more than 3,600 units delivered during this time. However, the current construction pipeline is minuscule.
2021 saw several major apartment properties trade. The three largest transactions involved agencies seeking to convert recently completed communities into middle-income housing through the assistance of tax-exempt bond financing. The average price for Glendale apartments is $440,000/unit, with cap rates averaging 4.0%.