A Santa Clara-based investment group has purchased Casa Vaquero,
a 67-unit apartment community located at
1630 Calle Vaquero in Glendale, for $16.35 mu ($244k/unit).
The property was sold by DMC Investment Group Inc
of Los Angeles, a relative of the project's original builder.
Nestled
on just under two acres in the Glendale foothills, Casa Vaquero
affords its residents spectacular views of Glendale, downtown
Los Angeles, the Palos Verdes Peninsula and nearby mountains.
The property's unique, terraced design follows the natural
contours of the hillside, virtually assuring spectacular vantage
points from each apartment.
Comprised
of three wood-frame and stucco residential buildings of three
stories and a two-story community building, the property contains
three studios, 43 one-bedroom/one-bath units, seven one-bedroom/one-bath
patio units, 11 two-bed/two-bath units and three two-bedroom/two-bath
patio units in six distinct floorplans. Common area amenities
include a pool and panoramic sundeck, clubhouse/lounge, elevators,
and 86 parking spaces. Interior amenities include central
HVAC, a refrigerator, ceiling fan and patio or balcony.
"This
was a once-in-a lifetime opportunity for the right buyer to
step into a pristine, un-renovated property possessing an
irreplaceable location within one of the strongest sub-markets
in the nation," says Dean Zander, Partner, Hendricks
& Partners. "Their planned $15,000+/unit interior/exterior
renovation will likely result in post-renovated market rents
that are 20%~25O/o higher than today's average of $1,708."
The transaction
was negotiated by Zander and David Casper, also with Hendricks
& Partners, on behalf of the buyer, Calera Investment
Group, and the seller.
