The biggest multifamily sale in Los Angeles County so far this year is Greystar’s April acquisition of a Glendale property, according to Los Angeles County tax assessor records through June 23.
Boca Raton-based developer Mill Creek Residential, in partnership with investment firm Rockwood Capital, sold Modera Glendale, a 235-unit apartment building at 600 North Central Avenue, for $126 million or $536,000 per unit. The new owner renamed the property The Adeline.
The buyer is listed as 1031 Exchange Professionals, a 1031 exchange intermediary specializing in the facilitation of tax-deferred exchanges of business and investment property led by David Kuns. The firm bought the property on behalf of Charleston-based Greystar, which manages and operates over $300 billion of real estate in nearly 250 markets globally.
“We facilitated a reverse exchange on behalf of a client,” Kuns said declining to cite the client’s name. The exchange should be completed in a couple of weeks, at which time we will no longer be on title.”
Mill Creek developed the five-story property in 2015. It has a courtyard with a pool and a hot tub, plus two smaller attached courtyards. The property also has a fitness center, a yoga studio, a pet spa and a multipurpose clubhouse with a gourmet kitchen area and an internet cafe.
One-bedroom apartments start at $2,788 per month for 619 square feet, The Adeline website indicates. Two-bedrooms start at $3,854 a month for 1,050 square feet.
In terms of overall price, the Glendale deal pales in comparison to 2024’s biggest multifamily sale in L.A. County, but beats it out on a price-per-unit basis.
CIM Group sold the 34-story luxury high-rise at 888 South Hope Street in Downtown Los Angeles to San Francisco-based investment firm FPA Multifamily in March 2024 for $186 million, or $354,000 per unit.
Greystar’s acquisition surpasses L.A. County’s second-biggest multifamily sale in 2024 by sheer price, but not by price per square foot.DivcoWest bought Clarion Partners’ Silicon Beach apartment complex Reveal Playa Vista in May 2024 for $122.1 million, or about $570,000 per unit.
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