crefeed.com | H&P brokers $11M sale of California multi-family

12/18/2007

H&P brokers $11M sale of California multi-family

Monarch Terrace Apartments

Aliso Viejo, Calif.-based Silverado Canyon Partners has acquired the Monarch Terrace Apartments in Glendale, Calif., for $11 million from Revere Investments.

Dean Zander of Hendricks & Partners' Los Angeles office represented Revere in the transaction.

Built in 1959, the 56-unit apartment complex is located at 1595 East Chevy Chase Dr. and has a unit mix of studio, one- and two-bedroom apartments. It consists of a single building on .67 acres and is situated adjacent to the Glendale Adventist Medical Center. The buyer plans to invest approximately $1.4 million, or $25,000 per unit, on upgrades and capital improvements to the building's interior and common areas.

Glendale is located roughly eight miles north of Los Angeles and has a population of 194,973, according to the U.S. Census Bureau.

Zander recently brokered the $86 million sale of the Serravella Apartments in Los Angeles and the $42 million sale of the Pavilion Apartments in Thousand Oaks.

Address: 1595 East Chevy Chase Dr., Glendale, Calif.

Size: 56 units

Built: 1959

Filed Under: Multi-Family

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