GLENDALE, CALIF. — Northmarq has brokered the sale of Towne at Glendale, a multifamily community located in the Verdugo Woodlands area of Glendale. Los Altos, Calif.-based Interstate Equities Corp. sold the asset to a public-private partnership of CSCDA Community Improvement Authority and BLVD Impact Housing for $79.7 million, or $630,000 per unit.
Built in 1965, Towne at Glendale features 126 units, averaging 1,136 square feet. The property has undergone major renovations to provide luxury interior features and outstanding amenities.
The buyer plans to expand upon the already completed enhancements and lease all units to renters earning between 80 percent and 120 percent of average median income.
Shane Shafer and Bryan Schellinger of Northmarq’s Los Angeles investment sales team represented the seller in the transaction.