Wealhouse Offloads 164-Unit Glendale Value-Add Rental Property
JLL Capital Markets arranged the sale of Summers Point, a 164-unit value-add multifamily community located in Glendale. Wealhouse Capital was the seller of the property, which sold for $20 million, $2 million below the asking price.
The community was built in 1980 and features 16 buildings spanning 4.3 acres, with a diverse unit mix that includes studios, one- and two-bedroom apartments, averaging 572 square feet. Wealhouse successfully renovated 98 of the 164 units, leaving significant value-add potential for future renovations on the remaining 66 units.
JLL Capital Market’s Investment Sales and Advisory team was led by Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke. JLL arranged the financing in the transaction. “Summers Point represented a compelling opportunity to acquire a partially renovated asset within an affordable submarket that is well positioned for future rental increases,” said Smuckler.
Summers Point is positioned at 4441 West Bethany Home Rd. in Glendale.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout