GLENDALE, CA – Berzack Investment Property 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.
About Lee & Associates Celebrating more than 30 years of leadership in the commercial real estate industry, Lee & Associates®, is the largest broker-owned commercial real estate provider in the nation with 48 offices in California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. Lee & Associates-LA North/Ventura, Inc., a member of the Lee & Associates group of companies, provides industrial, office, retail and multifamily/investment brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. Founded in Sherman Oaks in 1994, Lee & Associates-LA North/Ventura now operates four California offices including Calabasas, Ventura County and Antelope Valley. For more information, contact us in the San Fernando Valley at 818.986.9800; in Ventura County at 805.626.1200; or in Antelope Valley at 661.341.3300. Or visit us online at www.lee-associates.com.