GLENDALE, CA—Lee & Associates closed the $1.4 million sale of the multifamily property at 238 N. Verdugo Rd. in Glendale. The undisclosed buyer plans to keep the building as a long-term investment.

“This sale represents an uptick in multifamily investments activities.” said Han Widjaja Chen, senior vice president with Lee & Associates, in a statement. “Buyers are taking the low interest rate opportunities to acquire good located asset as a hedge against other types of investments. This sale provided a “win-win” situation for the buyer and seller who were both able to achieve their investment goal through this transaction.”

Chen as well as Managing Director Matthew Sullivan represented both the buyer and the seller in the transaction. Both parties were unnamed private investors.

The 8-unit property is fully leased.