Fairview Apartments
208 E. Fairview Avenue Apartments, Glendale

Glendale can be accurately described as one of LA's premiere 'satellite cities', together with other communities such as Century City, Westwood, and Santa Monica. Offering superb access to entertainment industry employers in nearby Burbank (Universal Studios, Disney, and Warner Brothers) as well as Downtown Los Angeles, Glendale is one of the most sought after locations for apartment dwellers in the Greater LA Metro. Completely exempt from Los Angeles Rent Control, Glendale has been one of our top targets of opportunity since we began our Southern California expansion 21/2 years ago. Despite intense efforts, this is our first acquisition.

Glendale is an extremely difficult market to enter because the vast majority of the inventory is held by very long-term owners who are well aware of the area's strength in multifamily. The picture is even worse for developers who are confronted with loyal residents determined to preserve 'the Glendale aura'. The combined result of restricted supply, and negligible new construction perfectly accords with our urban in-fill strategy as it offers the prospect of healthy appreciation for existing owners without thereat of competitive product.

The Fairview Apartments combine both elements of this housing picture: a neglected physical structure in a superb location. Typical of many owners, the seller has followed a very passive strategy both with respect to reinvestment in the property and with respect to rental attainment. We will reverse this pattern and aggressively move to reposition this property at the bricks and mortar level, following which we will capture the resultant increase rental values.