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Sunday, Apr 21, 2024

Palms Asset Is Sold for $11.6 Million

The Glendon Apartments, a 27-unit apartment building located in Palms, has sold for $11.6 million, or $427,778 per unit.

Matthew Kanner, an executive managing director of Keller Williams Realty, represented the seller, JEB Properties Inc., and the buyer, The Glendon LP.

“We marketed this trophy asset via a streamlined and expedited process, ultimately generating multiple strong offers,” Kanner said in a statement. “The winning buyer The Glendon LP submitted a strong, non-contingent offer.”

The purchase was a strategic buy, said Kanner, who stressed that it was important to the seller to close escrow before April 1 to avoid additional taxes mandated by the city of Los Angeles’ Measure ULA. The so-called Mansion Tax would see the tax rate jump to 5.5% for commercial real estate sales over $10 million.

The 27-unit Glendon in Palms.

Built in 1986 and located at 3724 Glendon Ave., the four-story asset features three floors of housing units. All units feature private balconies, high ceilings and large closets, and the third-floor units come with lofts and high ceilings.

The property is located near the intersection of Venice Boulevard and Overland Avenue and is also close to the 10 freeway, offering residents easy access to the employment, shopping, dining, entertainment and recreation options of Culver City, Mar Vista, Marina Del Rey, Santa Monica, Century City and Beverly Hills.

Kanner’s division the Kanner Group, which was founded in 2002, specializes in the multifamily investment real estate space and has $1 billion in all-time sales volume.

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Michael Aushenker Author