News & Views

News & Views

29-Unit Apartment Complex in Glendale Sold for $7.9 Million

Jul. 26, 2019
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Lexington Apartments, a 29-unit community at 1111 E. Lexington Drive in Glendale, has sold for $7.9 million, or $272,414 per unit.

CoStar data identifies the buyer as Carvajal Family Trust and seller as The San Diego Zoo Global.

Alex Mogharebi and Otto Ozen of the brokerage Mogharebi Group represented the seller, a private owner based in San Diego, and the Glendale-based buyer, a private investor.

“Due to below-market rents, very desirable location, strong unit mix and good parking, Lexington Apartments presented a tremendous value-add opportunity. Consequently, the buyer pool was significant in size,” Mogharebi Group Executive Vice President Otto Ozen said in a statement. “We generated multiple offers at full price from our pool of private and exchange buyers. Ultimately, it was a private buyer who stepped up to the plate and made the most attractive offer to the seller to win this deal.”

Built in 1973, Lexington Apartments stands at two stories with 19,375 rentable square feet. It has a mix of two-bedroom/two-baths and one bedroom/one bath units with an average size of 668 square feet, Lexington Apartments also features a swimming pool, mailroom, walkways and covered parking.