Glendale, Pasadena & Burbank Apartment Building Sales

Glendale, Pasadena & Burbank Multifamily Market Overview

Glendale, Pasadena, and Burbank form a distinct multifamily investment corridor northeast of Downtown Los Angeles, anchored by three independent cities with their own regulatory environments. Across 48 closed transactions totaling $121.5M in volume, the LAAA Team has documented steady investor demand driven by entertainment industry employment, top-rated school districts, and walkable downtown cores.

Pasadena leads the submarket with 22 deals and $58.1M in sales volume. The areas along Colorado Boulevard, Lake Avenue, and Fair Oaks Avenue offer a mix of pre-war courtyard buildings and mid-century apartment complexes. South Pasadena, with its highly rated schools and charming downtown along Mission Street, commands premium pricing despite its small size. Pasadena adopted its own Rental Housing Fee and Tenant Protections ordinance effective February 2022, adding landlord obligations beyond AB 1482, including relocation assistance and just-cause eviction protections for buildings with 4+ units.

Glendale's Brand Boulevard corridor and surrounding residential neighborhoods contain a diverse apartment stock ranging from 1940s courtyard buildings to newer mid-rise construction. Glendale is an independent city not subject to the LA RSO, instead operating under AB 1482 statewide rent protections. The city's Armenian-American community, strong retail corridor, and proximity to the Glendale Galleria support consistent rental demand.

Burbank's proximity to Walt Disney Studios, Warner Bros., and NBCUniversal creates a unique employment-driven rental market. With 12 deals and an apartment average of $373,000 per unit (the highest in this submarket), Burbank's lower-density residential neighborhoods along Olive Avenue, Magnolia Boulevard, and near the Burbank Town Center attract tenants willing to pay premium rents for short commutes to entertainment jobs. Like Glendale, Burbank is independent of the LA RSO and operates under AB 1482.

Cap rates across the submarket's apartment sales average 3.96%, ranging from 1.92% to 8.64%. The range reflects the diversity of product types, from stabilized assets in South Pasadena to value-add opportunities in eastern Pasadena and Altadena. Average price per unit across the submarket's apartment sales is $321,000, with Burbank commanding a significant premium.

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