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California  + Los Angeles  + Finance  | 

Essex Divests Glendale MF for $60M

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.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
  • ◦Sale/Acquisition
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