PUR Acquires BurGlen Portfolio From Anu Patel For $32 Million In Glendale And Burbank

The transaction involved a sale of a seven-property, 100-unit multifamily portfolio located across Glendale and Burbank. The total sale price was $32,000,000, with a price per unit of $320,000 and a total square footage of 92,788, resulting in a price per square foot of $344. The addresses included in this portfolio are 1157 Alameda Avenue, 303 East Alameda Avenue, 530 Palm Drive, 316 East Santa Anita Avenue, 313 East Providencia Avenue, 1165 Thompson Avenue, and 618 Glenwood Road.

Greg Alexanian of Alexanian Apartment Advisors represented both the seller and buyer in this significant transaction, which is noted for being the largest closing of his career and one of the largest private-to-institutional multifamily transactions in the Tri-Cities submarket. The properties within the portfolio include various units, with specific distributions such as 18 units at 1157 Alameda Ave, 20 units at 303 E Alameda Ave, and others across the remaining addresses.