Focus on TRD Data: Priciest Multifamily Sale

The biggest multifamily sale in Glendale over the last quarter was 600 North Central Avenue, which The Sobrato Organization nabbed for $126 million, according to Los Angeles County tax assessor records, a whopping price that topped the rest of the top 10 combined.

This is the latest installment in a feature providing a weekly update on quarterly top sales by market segment, based on TRD Data. You can see the top 10 by clicking here.

The Sobrato family started in real estate as Italian-immigrant farmers at the southern end of San Francisco Bay. The family shifted into commercial development in the 1950s, and grew its operations as Silicon Valley spread its tentacles from a home base in Santa Clara County.

Sobrato acquired the Modera Glendale, a 235-unit apartment building, from Mill Creek Residential and Rockwood Capital, and renamed it The Adeline. The price comes out to $536,000 per unit.

That’s a far cry from the city’s average sales price per unit of $269,249, according to a multifamily market report from Kidder Mathews.

Mill Creek developed the five-story property in 2015. It has a courtyard with a pool and a hot tub, plus two smaller attached courtyards. The property also has a fitness center, a yoga studio, a pet spa and a multipurpose clubhouse with a gourmet kitchen area and an internet cafe.

The apartments, managed by Greystar, range from studios to three-bedrooms. One-bedroom apartments start at $2,788 per month for 619 square feet, The Adeline website indicates. Two-bedrooms start at $3,854 a month for 1,050 square feet. In the second quarter, the average monthly asking rent in Glendale was $2,277, per the Kidder Mathews report.

The April 23 deal also marks L.A. County’s biggest multifamily sale of the quarter. The second-biggest in the county was 38441 5th Street West in the desert city of Palmdale, which Beverly Hills-headquartered Post Investment Group acquired for $71 million on March 3. That complex has 296 units across 16 buildings. The deal values the property at just under $240,000 per unit.