Units: 113
Building Size: 124,628 sq ft
Lot Size: 87,529 sq ft
Price: $31,800,000
Price Per Unit: $281,415.93
Built: 1986
Property Description: The
Alexanian Group & Remax Commercial are proud to
present this rare offering of 2 luxury buildings
situated in an IRREPLACEABLE prime location.
The Hawthorne St. portfolio in Glendale offers any
investor immediate upside in rents. Less than 2
blocks you find Caruso' s Americana at Brand Town
Center, (developer of The Grove) which is hailed as
being the next premier destination for entertainment
& high end retail.
41 units: Built in 1986 with condominium specs, one
of the features being individual hot water heaters,
some units with granite countertops, 3rd floor units
with vaulted ceilings. Recent renovations include
new roof as well as exterior paint.
72 units: Built in 1987, with a
huge lot spanning from street to street, open
courtyard with Jacuzzi spa. There is a small park
next door. The courtyard also encompasses a 2 story
structure which is currently undergoing renovation
with plans for gym, rec. room with kitchenette and
bathroom, as well as leasing office. Price per gross
square foot for both buildings is an attractive
$255.16
For a detailed marketing package
on the offering, contact the exclusive listing
agent: Levon Alexanian at (818) 205-2127
Location Description: Americana at Brand with
it's 900,000 sq ft development sits on 15.5 acres in
the heart of the city. Rents in general will benefit
in Glendale, but the immediate area will see a
maximization of rents to the next level. See the
attachments for summary of the project.
A non rent control atmosphere
with a generous added value in rents, a strong
demographic, shortage of luxury apartments, and a
professionally managed asset, make this a once in a
life time acquisition opportunity.
An exciting cosmopolitan
atmosphere awards Glendale. Its unique downtown area
is surrounded by dramatic office towers, the 4
diamond Hilton and the nationally recognized
Glendale Galleria shopping center (less than 1 block
distance). It is home to many high level corporate
business headquarters such as Sony, and Channel 7.
It has been estimated that Glendale is the third
largest financial center in the state. The city's
economy is dominated primarily by retail and service
industry.
The dynamic location of the city
is key, sitting between Burbank & Pasadena, it is
only a 10 minute to Downtown Los Angeles. The median
home prices in 2007 were above the $800,000 mark.
• Less than 2 block to American @ Brand and Glendale
Galleria
• Record submarket rent growth, low vacancy history
• 23% upside in rents
• Professionally maintained & managed
• Proforma cap 5.5%
• Proforma GRM 12.1
