GLENDALE, CA—A private investor has sold the Adams Street Apartments in Glendale for nearly $2 million over the list price in a 15-buyer bidding war. The property is located in a great location and has a value-add component and rental upside, which helped to attract strong buyer interest. However, with prices hitting their peak in more primary L.A. markets, we may be seeing more and more investors heading to the tri-cities market this year.

“I am seeing a lot of buyers, whether institutional or private, starting to look at Glendale, Pasadena and Burbank as a market that has a lot of upside in rents,” David Leibowitz, VP at Investment Real Estate Associates, tells GlobeSt.com. “I think you are going to see some leveling off in general with the Fed raising the interest rate, and there is going to be an impetus to have the market somewhat stabilize. But, even with interest rates starting to go up, which could stabilize the market, there are a lot of eyes looking at potential for rent growth in these areas as far greater than comparable locations. I think that 2016 is going to be a very strong year.” Leibowitz represented the buyer and the seller in the transaction, along with EVP Chris Thompson.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Fall 2022Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.