The Royal Windsor Apartments, located at 711 East Windsor Road in Glendale, California, sold for $7.5 million in a transaction structured by Kidder Mathews. The firm’s Mark Ventre and Darin Beebower represented both the buyer and seller.
The 23-unit building was the only multifamily asset listed for sale in Glendale with more than 20 units during the time of marketing. The Royal Windsor is located half a mile from the popular Brand Boulevard, earning the property a “very walkable” distinction on Walkscore.com.
With no city rent control in place, the new owner has a value-add opportunity to increase rents by 25%. Rents in Glendale are growing at 7.5% on a year-over-year basis with an average asking rent of $2,150, while vacancy rates are currently at 2.4%, representing nearly all-time lows.
The building was sold in a reverse exchange, which is rare and often complex.
“The seller’s goal was to use Royal Windsor as the downleg for the reverse exchange,” said Beebower. “We were able to schedule the closing perfectly so that it coincided at exactly the right time to facilitate the exchange.
“The property’s curb appeal and minimal deferred maintenance offered the buyer a fantastic opportunity to increase rents by implementing their successful business strategy,” added Ventre.
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.