Cabana 99th, a 286-unit attainable housing asset in Glendale, sold for $93.5 million.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale Monday. The sale price represents $326,923 per unit.
The property is located at 10000 W. Missouri Ave.
“Cabana 99th is Glendale’s only purpose-built attainable multifamily asset and its smart-sized apartment homes and well-appointed community spaces present budget-conscious, middle-income professionals with a much-need housing option,” Steve Gebing, IPA executive managing director, shared in a statement.
Gebing and IPA executive managing director Cliff David represented the seller, Greenlight Communities, and procured the buyer, B&R Capital Partners and American Landmark.
The apartments at Cabana 99th were completed this year.