Los Angeles, CA, May 17, 2012. – Colliers International, the third largest global real estate services organization, has completed the $4,462,000 sale of a two-story, 40-unit apartment property located at 401-403 W. Glenoaks Blvd (top left photo). in Glendale, Calif.
Han Widjaja Chen (middle right photo) of Colliers International represented the buyer, Glendale-based Meridian-Kenwood, LLC.
Judy Stevens of Prudential California represented the seller, Arcadia-based 727 Del Coronado, LLC. The property was purchased at a 6.41 percent cap rate. The property was fully occupied at close of escrow.
“Colliers International was able to negotiate a favorable price for this multifamily property,” said Chen.
“We also helped the buyer navigate through a grueling due diligence period. The buyer was pleased with the purchase and the high cap rate providing positive leverage for the buyer.” Chen added that the buyer plans to add value to the property by making capital improvements to the units and re-tenanting of the property.
Contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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