Value-add investors are finding a goldmine in Glendale. The market has a healthy stock of vintage apartments in need of renovation, no rent control and rental growth averaging 4% annually. Champion Real Estate Co. is one of the investors taking advantage of the market fundamentals. The firm has acquired a two-property multifamily portfolio for $33.6 million with plans to invest $50,000 per door into the properties and bring rents to market rate. Arthur Arejian of Vanguard Investments brokered the deal, and says that he is seeing healthy activity from value-add players in this market. To find out more, we sat down with Arejian for an interview. Why has Glendale become such an active investment market for multifamily?

Arthur Arejian: A lot of equity capital is chasing Glendale because it is a non-rent control environment. Secondly, there is a hidden job market in Glendale, and there is an underground economy that fuels job growth. As a result, there is a tremendous amount of business that is tied to jobs, income and rents. The market has a great location on the map. It is in close proximity to Downtown Los Angeles, Pasadena and Hollywood, making it very centralized. And, the market has proven to have tremendous rent growth in the last six years. It has seen approximately 4% to 5% of rent growth each year. As a result, there are more than 6,000 new apartment units under construction in Glendale, and a lot of developers are chasing this market as well.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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