Colliers International Completes $4.46 Million Sale of a 40-Unit Multifamily Property in Glendale, Calif.
Los Angeles, CA – May 17, 2012 – (RealEstateRama) — Colliers International, the third largest global real estate services organization, has completed the $4,462,000 sale of a two-story, 40-unit apartment property located at 401-403 W. Glenoaks Blvd. in Glendale, Calif.
Han Widjaja Chen of Colliers International represented the buyer, Glendale-based Meridian-Kenwood, LLC. Judy Stevens of Prudential California represented the seller, Arcadia-based 727 Del Coronado, LLC. The property was purchased at a 6.41 percent cap rate. The property was fully occupied at close of escrow.
“Colliers International was able to negotiate a favorable price for this multifamily property,” said Chen. “We also helped the buyer navigate through a grueling due diligence period. The buyer was pleased with the purchase and the high cap rate providing positive leverage for the buyer.”
Chen added that the buyer plans to add value to the property by making capital improvements to the units and re-tenanting of the property.
About Colliers International
Colliers International is the third largest commercial real estate services company in the world with 12,500 professionals operating out of more than 500 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and valuation, consulting and appraisal services, mortgage banking and research.
Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Collier s International as the second most recognized commercial real estate brand in the world.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
