A 198-unit apartment complex in central Glendale sold for $22.6 million.
ABI Multifamily — the Western US’s leading multifamily brokerage and advisory services firm — announced the sale this of Artisan Park Apartments in Glendale. The sale was $114,141 per unit and $142.07 per square foot.
Artisan Park is a 198-unit garden-style apartment community situated in a strong West Valley growth area off 67th Avenue between Olive Avenue and Mountain View Road. The community sits one mile west of Glendale Community College and just 10 minutes from Westgate Entertainment District.
Built in 1984, the property offers a nearly even mix of one-bed/one-bath, two-bed/one bath and two-bed/two-bath units. Twelve of the site’s 13 buildings were treated to new roofs in 2019. Fully 95% of the units have original interiors and appliances, except for new, white appliances added over time on an as-needed basis.
ABI Multifamily’s Jack Hannum, who joined the firm’s Institutional Team as a Senior VP in January, represented both the buyer, Canada-based Western Wealth Capital, and the seller, California-based CALCAP Advisors, in the sale.
“I represented CALCAP Advisors in its original acquisition of Artisan Park in May 2014,” Mr. Hannum said. “Making a stellar return and keeping the value — add play intact for the next buyer was a very smart strategic decision for them. Artisan Park is Western Wealth’s third multifamily acquisition for 2019, and they have already begun renovating interiors and improving the exterior appeal of the community to fully realize its potential.
“In addition,” Mr. Hannum continued, “Western Wealth has retained CALCAP Properties — the seller’s third-party management arm — to continue managing the property and overseeing daily operations. This decision reflects the exceptional quality of service and oversight the property has enjoyed for the past five years.”