Multifamily investor lists Glendale complex for 25% more than he paid

An investor who purchased the apartment building in 2017, is seeking a tidy profit

Sep.September 25, 2019 05:00 PM
The 63-unit 1001 Melrose apartment complex in Glendale
The 63-unit 1001 Melrose apartment complex in Glendale

As demand for Los Angeles County multifamily properties remains strong, one investor is sensing the time is right to cash out.

A 63-unit apartment complex in Glendale that was purchased two years ago is again on the market.

An entity tied to investor Jin Woo Lee has listed the building for $25 million, $5 million more than he paid for it in 2017, records show. The complex, called 1001 Melrose, is at 303 W. Glenoaks Boulevard, on the corner of Melrose Avenue.

Lee is connected to a number of real estate entities including JinLee Properties. He bought the complex from Bascom Group in a deal that worked out to $318,000 per unit. Lee could not be immediately reached for comment.

The complex dates from 1963, and was originally a hotel before it was converted to an apartment building several decades ago. Bascom bought it in 2013 and sunk $1.3 million into the property on renovations.

Most of the units are studio and one-bedroom, according to marketing materials from CBRE. There are a handful of two- and three-bedroom units as well. Rents are between $1,669 per month and $2,650 per month. Amenities include a rooftop gym, pool, and recreation room.

Orange County-based investor Raintree Partners recently made a multifamily play in Glendale, purchasing a seven-property portfolio for $79 million. The seven buildings have 231 units total.

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