LOS ANGELES, CA - Walker & Dunlop announced that it completed the $60,000,000 sale of 416 on Broadway, a 115-unit Class A apartment community in the established Glendale submarket of Los Angeles, California.
Originally built as for-sale condominiums in 2009, 416 on Broadway boasts exceptionally large floor plans, averaging 1,102 square feet. This unique feature has proven to be a significant advantage over the competition, as renters continue to work from home and desire extra space. In addition to spacious units, residents enjoy a boutique feel, an abundance of outdoor amenity space, including a fully renovated state-of-the-art fitness center, and convenient access to the retail, entertainment, and dining in Glendale. Its excellent location and unmatched offerings position 416 on Broadway to perform well for years to come.
Walker & Dunlop's property sales team included Hunter Combs and Blake Rogers. The team represented both the buyer, Ron Nasch, and the seller, Essex Property Trust, serving as broker and advisor for the disposition.
Said Mr. Combs, "416 on Broadway is a best-in-class asset located in the durable Glendale submarket. Although Glendalehas seen an increase in multifamily inventory of about 11 percent since 2010, it has been able to consistently achieve occupancy rates north of 96 percent, as well as meaningful rent growth." Combs added, "Additionally, from a sale perspective, the submarket has only seen six institutional multifamily sales since 2009, adding a scarcity premium to opportunities that arise. Moreover, the lack of supply headwinds is particularly encouraging."
Walker & Dunlop also arranged Fannie Mae acquisition debt on behalf of the buyer. The finance team was led by Brian Eisner and Levi Brooker, who commented, "In spite of the challenges posed by the pandemic, Walker & Dunlop was extremely pleased to deliver a long-term interest only loan at a historically low interest rate."
Source: Walker & Dunlop