A multifamily property located at 700 N. Palm Drive in Glendale, California has sold for $6,350,000. Kidder Mathews commercial real estate brokers Darin Beebower and Arian Rejaei represented the buyer, a Los Angeles–based investor. The seller was Michael H. Saperstein Family Trust.
The 14-unit property, which includes one non-conforming unit, features a mix of three-bedroom townhome-style residences, two-bedroom apartments, and one studio apartment. Situated just north of Glenoaks Boulevard, the asset is surrounded by single-family homes and is in close proximity to premier shopping and dining destinations, making it a highly desirable location for investors and residents alike.
The property was placed under contract before it was officially listed, reflecting its strong market appeal. The accepted offer included no loan contingency and a one-day due diligence period.
“The buyer wanted to acquire a building in a prime Glendale location. By presenting a competitive offer with favorable terms, we were able to secure the property before it hit the open market,” said Rejaei.
The property sold for just over $450,000 per unit, representing one of the highest price-per-unit apartment transactions in Glendale this year.
“By acting quickly and structuring offer terms that were highly appealing to the seller, we positioned our client ahead of the competition and delivered an exceptional investment opportunity,” said Beebower.
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages more than 53 million square feet of space, and conducts 2,400 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
