A 126-unit property in Glendale has sold for $79.8 million, setting a record for the city for buildings built before the 1980s. The buyer plans to convert the property, known as Towne at Glendale, to middle-income housing.
The California Statewide Communities Development Authority and BLVD Impact Housing, an affiliate of BLVD Group, purchased the property from Interstate Equities Corp.
“Creating quality essential housing for middle-income families is a key component of BLVD’s overall commitment to affordability,” Jake Walker, BLVD’s managing director, said in a statement. “We’re excited to add this community to Glendale’s essential housing supply and place another building block in the solution to a growing middle-income housing crisis.”
The company plans to lease units to tenants earning 80% to 120% of the area’s median income.
BLVD and its affiliates already own and operate more than 6,000 affordable units in 17 states.
“Affordability is a complex problem that will require continued funding, innovation and the expansion of existing platforms like the essential housing program. BLVD will pursue all three in fulfilling our commitment to being an integral part of the solution,” Walker said in a statement.
Over the last few years, the seller renovated the property, which was built in 1965.
Northmarq’s Shane Shafer and Bryan Schellinger represented the seller.
“This sale was significant as we were able to successfully close this transaction during a time when the debt and bond markets were volatile and changing daily; additionally, this property being sold to CSCDA and BLVD, will provide the much-needed affordable housing to the city of Glendale,” Shafer said in a statement.
Last year investment activity in apartment properties soared in the Los Angeles market, with $18.5 billion worth of apartments sold in L.A. compared with $8.1 billion the year before, according to CBRE Group Inc.