IEC acquires Glendale multifamily property for $54 million

Los Angeles /
Jan.January 03, 2017 12:00 PM

The Interstate Equities Corporation acquired a 126-unit multifamily property in Glendale, Calif. for $54.2 million, or more than $430,000 per unit. The deal pencils out to approximately $378 per square foot.

The firm used its IEC Institutional Fund II, L.P., a  discretionary, $200 million commingled fund targeting multifamily investments throughout coastal California, for the purchase. The deal marked the fund’s seventh acquisition.

The community, known as Verdugo Village at 1717 North Verdugo Road, was built in 1965 and renovated in 2007 to condo specifications, according to a release from IEC. It is currently 96 percent occupied. The property will be rebranded Towne at Glendale and undergo a series of capital improvements under its new ownership, including the installation of a new fitness center.

Peter Casey, a director at IEC explained that while IEC sold five units for every one it purchased this year, it’s acquisition pipeline remains robust. “While we continue to seek opportunities to expand our multifamily portfolio, we are also being increasingly selective in the investments we pursue,” he said in a statement.

Brokers Adrienne Barr and Shane Shafer of Berkadia represented the seller, Grand Villa Glendale, LLC, an entity with links to a Redwood mortgage provider. The property last changed hands in a 2009 foreclosure proceeding, records show.

The acquisition loan, provided by CIT Bank, N.A., was arranged by Peter Smyslowski at HFF.


Related Articles

arrow_forward_ios
The Altana Complex and Waterford's John Drachman (Waterford)
Waterford Property venture acquires luxury rental complex from Carmel Partners
Waterford Property venture acquires luxury rental complex from Carmel Partners
Cypress Equity's Michael Sorochinsky and the Next on Lex complex (iStock)
Cypress Equity sells Glendale multifamily complex for $300M
Cypress Equity sells Glendale multifamily complex for $300M
1840 Victory Boulevard in Glendale with Nuveen CEO Jose Minaya (Google Maps, iStock, TIAA)
$54M sale nears for Comcast-leased e-sports studio
$54M sale nears for Comcast-leased e-sports studio
JRK CEO Jim Lippman and The Harrison Glendale. (Molasky, Twitter via Jim Lippman)
Multifamily landlord JRK Property pays $91M for Glendale complex
Multifamily landlord JRK Property pays $91M for Glendale complex
CPD industrial properties
KOAR affiliate pays $26M for Glendale industrial portfolio
KOAR affiliate pays $26M for Glendale industrial portfolio
The 63-unit 1001 Melrose apartment complex in Glendale
Multifamily investor lists Glendale complex for 25% more than he paid
Multifamily investor lists Glendale complex for 25% more than he paid
Aerial view of 611 N. Brand Boulevard and Rossano de Cottiis (Credit: Hunter Kerhart Architectural Photography)
Downtown development king Onni plans massive hotel in Glendale
Downtown development king Onni plans massive hotel in Glendale
Glendale Mayor Ara Najarian and City Hall
No more “party house” in Glendale if new Airbnb law passes
No more “party house” in Glendale if new Airbnb law passes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...