GLENDALE, CA – BerzackProperty Advisors, a multifamily specialty group of Lee & Associates-LA North/Ventura, has transacted the sale of a 16-unit apartment property at 447 W. Elk Ave. in Glendale, CA for $3.5 million, according to Warren Berzack, president of Berzack Investment Property Advisors.
Berzack, along with George Yessaie and Stephen Geiger, represented both the buyer, RPM Investments Inc., and the seller, Investment Property Exchange Services Inc., in the transaction.
“Our buyer was seeking an up-leg for a 1031 Exchange, and we were able to identify this off-market property and executed a transaction that met the requirements of both sides,” Berzack said.
The building, which features a laundry room and gated security entrance, had been painted and substantially renovated with new copper plumbing, a new gated parking entrance and new intercom. Many of the units had been completed renovated and it was fully leased at the time of the sale.
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