Glendale apartment complex sells for $17.1 million

Peregrine Place, a 65-unit apartment complex in Glendale, has sold to a local company for $17.1 million.

The complex was built last year and was purchased by Mountain Capital Group from its developer. Mountain Capital Group last month sold a 10-unit Capitol Hill apartment complex for a record-per unit price of $525,000, or $5.25 million for the whole property, said Justin Hunt of ARA, A Newmark Company, which was involved with both transactions.

Mountain Capital Group picked up Peregrine Place for almost half that per-unit price, at $263,076.

Peregrine Place is located across from Glendale’s Infinity Park at 4400 E. Mississippi Ave.

The seller was not disclosed, but public records indicate that the property was sold by a limited liability company registered to Catamount Properties Ltd, a Boulder County-based company that lists Peregrine Place as a development project on its website.

Mountain Capital Group has purchased and sold three other properties since 2011, including the previously mentioned Capitol Hill complex as well as Park Hill Flats, a 13-unit property sold in 2014 for $2.2 million and Poplar Street Apartments, a 21-unit complex sold in 2015 for $3.6 million.

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Posted in: Apartment Investing

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