Glendale apartment complex sells for $3M

24-unit property under new ownership

Posted 11/13/20

Marcus & Millichap, a commercial real estate brokerage firm, announced the sale of Beverly IV, a 24-unit apartment property located at 6740 W. Montebello Ave., in Glendale.

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Glendale apartment complex sells for $3M

24-unit property under new ownership

Posted

Marcus & Millichap, a commercial real estate brokerage firm, announced the sale of Beverly IV, a 24-unit apartment property located at 6740 W. Montebello Ave., in Glendale.

Ryan Sarbinoff, the firm’s Phoenix office regional manager, said the asset sold for $3,000,000.

“Beverly IV is conveniently positioned between the Interstate-10 Industrial Corridor, downtown Glendale, Grand Avenue Expressway and the rapidly growing retail and entertainment districts of Northwest Glendale,” Marcus & Millichap’s Phoenix office vice president investments Paul Bay stated in a news release. “Given its low density and desirable unit mix, Beverly IV is a prime candidate for further programmatic interior renovations which include the implementation of in-suite laundry and private patios.”

The seller was a private investor, and the buyer is a limited liability company.

Built in 1974 and renovated in 2020, the property consists of six individually-parceled fourplexes. The unit mix includes 23 two-bedroom/one-bathroom units and a single one-bedroom/one-bathroom unit.

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