Athanasia Wendt Acquires Multifamily Property In Glendale, CA For $8.95M

The multifamily property located at 1060 Raymond Ave in Glendale, CA has been sold in a recent transaction. The property consists of 20 units with a total square footage of 16,169. The sale price for the property was $8,950,000, resulting in a price per unit of $447,500 and a price per square foot of $554.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $8,950,000
• Units: 20
• Price Per Unit: $447,500
• Square Footage: 16,169
• Price Per Square Foot: $554

Athanasia Wendt was the buyer of the property, while Michael Gerro served as the seller. The brokers involved in the transaction were Michael Monempour and David Saghian from Kidder Mathews.

It is worth noting that the property was sold for $447,500 per unit and $550 per square foot. The Gross Rent Multiplier (GRM) was 19, and the Capitalization Rate (CAP) was 3.07%. This purchase served as the up leg for the buyer's 1031 Tax Deferred Exchange. Furthermore, Monempour and Saghian had previously sold their down leg 60 days ago.