GLENDALE, CA—The Sirott Family Trust hasacquired two apartment complexes in Glendale for atotal of $24.8 million in an effort to expand its Los Angelesmultifamily portfolio. This is the first time theproperties have come to market since the original development.

“This was a good opportunity for the buyer to increase itsportfolio. He has additional units in the area, and he had enoughcapital for close to a 45% down payment,” JesusHenao, VP at NAI Capital's Encino office,tells GlobeSt.com. Henao represented the buyer in bothtransactions.

Located at 1234 E. California Ave., Villa MonacoApartments is the larger of the two properties with 49units. The buyer purchased the building for $15.5 million fromVilla Monaco LTD. The smaller building is theVilla Geneva Apartments, located at 1304 E.California Ave. Sirott Family purchased the 36-unit property fromGlendale Villa Geneva for $9.3 million. The twopurchase prices equate to $219,000 per unit, the highest price perunit in the market, and at a strong cap rate of 3.41%. Bothproperties were purchased in off-market transactions.