San Mateo-based Essex Property Trust sold 416 on Broadway, a 115-unit Class A apartment community in Glendale to Ron Nasch for $60 million. Originally built as for-sale condominiums in 2009, the property’s exceptionally large floor plans, averaging 1,102 square feet, have proven to be a significant competitive advantage since renters continue to work from home and desire extra space.
Residents are also drawn to the community’s boutique feel, abundance of outdoor amenity space, including a fully renovated state-of-the-art fitness center, and convenient access to Glendale’s retail, entertainment, and dining options.
Walker & Dunlop’s Hunter Combs and Blake Rogers represented both the buyer and the seller. Walker & Dunlop’s Brian Eisner and Levi Brooker also arranged Fannie Mae acquisition debt on behalf of the buyer.
Combs says, “Although Glendale has seen an increase in multifamily inventory of about 11% since 2010, it has been able to consistently achieve occupancy rates north of 96%, as well as meaningful rent growth.”
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
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