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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

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.

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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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Glendale