Competition is robust for apartment assets in Glendale, CA. An eight-property portfolio totaling 261 units garnered more than 25 offers and closed at $87 million, according to brokers. The portfolio traded hands between a private investor and two buyers, including Raintree, which GlobeSt.com recently announced purchased seven of the properties in the portfolio.
Glendale was recently named neighborhood of the year, and the title has helped to spark demand and capital attention. As a result, investors are looking to gain a foothold in the market, and are fiercely competing for deals like this when they come to market.
Principals Alex Mogharebi and Otto Ozen of the Mogharebi Group represented the seller, a Los Angeles based private investor.
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