Karen Bagramyan Acquires Multifamily Property On Carlton Drive In Glendale For $2.5M

The multifamily property located at 1351 Carlton Drive in Glendale was recently sold in a closed transaction. The property consists of 4 units with a total square footage of 5,512. The sale price for the property was $2,500,000, resulting in a price per unit of $625,000. The price per square foot was $454. The transaction took place on October 30, 2023.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $2,500,000
• Units: 4
• Price per Unit: $625,000
• Square Footage: 5,512
• Price per Square Foot: $454
• Address: 1351 Carlton Drive
• Market: Glendale

The buyer of the property was Karen Bagramyan, while the seller was Gino Bandino. Greg Alexanian from Alexanian Apartment Advisors represented the seller in the transaction. Notably, this sale set a new high price point for 4-unit properties in the submarket, surpassing previous trade records by $50,000. At the time of the sale, there was one vacancy, and the property had a cap rate of 2.2%. This transaction demonstrates the strong demand and value of multifamily properties in the Glendale market.