Investment group buys Sonora Apartments

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Marcus & Millichap negotiated the sale of Sonora Apartments in Glendale, Calif. The asset sold for $13.8 million. Sonora Apartments is located at 1151 Sonora Ave. at the base of the San Gabriel Mountains. The 78-unit property was constructed in 1985 on two parcels totaling 57,399 square feet. The community's unit mix is comprised of 68 two-bedrooms, eight three-bedrooms, one one-bedroom and one luxury penthouse apartment, ranging in size from 500 to 2,200 square feet. Sun Valley, Calif.-based Five M. Development sold the property to a Los Angeles-based investment group. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....