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Glendale 34-unit Multifamily Property Sells for $9 Million

By Hannah Madans Welk

August 19, 2019

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WEB-GLENDALE_2121_N_Verdugo_Press_Photo — 2121 N. Verdugo Road.

CBRE has announced the sale of a 34-unit multifamily complex in Glendale for $8.8 million. Priscilla Nee of CBRE represented the seller, which CoStar data identifies as David Weiswasser of Calabasas. The buyer is undisclosed. Located at 2121 N. Verdugo Road, the 28,134 square-foot, 1973-built, recently renovated property consists of 32 one-bedroom/one-bathroom units and two two-bedroom/1.75-bathroom units. “This asset is a solid value-add opportunity in an exceptional North Glendale location, just minutes from Griffith Park, the Glendale Sports Complex and Downtown Glendale,” Nee said in a statement. “We received strong interest and received many competitive offers given its attributes. The selected buyer came in fully non-contingent and has a great track record with our team.” According to the latest CBRE report, demand in Los Angeles’ multifamily sector exceeded new supply with 14,803 units absorbed during the first quarter. The vacancy rate in Los Angeles was 3.7 percent in the first quarter, down 10 basis points year-over-year, with rents rising 3.7 percent from the previous year.

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Hannah Madans Welk

Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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