Matthew Kanner, Executive Managing Director of Keller Williams Commercial & President of The Kanner Group, announced the completion of the $11,550,000 sale of The Glendon Apartments, a 27-unit apartment building located at 3724 Glendon Avenue in the Palms submarket of West Los Angeles.
Kanner represented the seller, JEB Properties Inc., and the buyer, The Glendon, LP. The closing cap rate was 3.84%, and the price per unit was $427,778.
“We marketed this trophy asset via a streamlined and expedited process, ultimately generating multiple strong offers,” said Kanner in a statement. “The winning buyer The Glendon, LP submitted a strong, non-contingent offer.”
Kanner added, “It was important to the seller to close escrow before April 1 to avoid additional taxes mandated by Measure ULA.”
Built in 1986, the four-story asset with three floors of housing includes a mix of single-, one- and two-bedroom-units. All of the units are spacious and feature private balconies, high ceilings, and large closets, with third-floor units featuring lofts and exceptionally high ceilings reaching up to 20 feet in certain rooms. The Glendon has a secured front door entry and parking garage, 43 gated garage parking spaces on two floors, a charming entry lobby, an elevator, on-site laundry, and tasteful landscaping, among other features.
The asset is located near the Venice Blvd. and Overland Ave. intersection and the 10 Freeway, offering residents easy access to the many employment, shopping, dining, entertainment, and recreation options of Culver City, Mar Vista, Century City, Beverly Hills, Marina Del Rey, and Santa Monica.