LOS ANGELES, CA – Walker & Dunlop announced that it has completed the sale of 416 on Broadway, a 115-unit Class A residential community in the established Glendale submarket of Los Angeles, California, for $ 60,000,000.
The 416 on Broadway was originally built as a condominium for sale in 2009 and has exceptionally large floor plans averaging 1,102 square feet. This unique feature has proven to be a significant advantage over the competition as tenants continue to work from home and want additional space. In addition to spacious accommodations, residents enjoy a boutique feel, an abundance of outdoor spaces, including a fully renovated, state-of-the-art fitness center, and convenient access to Glendale retail stores, entertainment and restaurants. With its prime location and unmatched offering, 416 on Broadway is a good performance for years to come.
The Walker & Dunlop real estate sales team consisted of Hunter Combs and Blake Rogers. The team represented both buyer Ron Nasch and seller Essex Property Trust, who acted as broker and advisor on the sale.
Mr Combs said, "416 on Broadway is a prime asset in the Glendale permanent submarket. Although Glendaleheh has seen its multi-family property grow approximately 11 percent since 2010, occupancy north of Glendal has consistently reached 96 percent and has seen significant rental growth." Combs added: "Additionally, only six institutional multi-family sales have been made in the submarket from a sales perspective since 2009, adding a scarcity premium to the opportunities presented. Furthermore, the lack of headwinds is particularly encouraging for the offer."
Walker & Dunlop also arranged an acquisition debt from Fannie Mae on behalf of the buyer. The finance team was led by Brian Eisner and Levi Brooker, who commented, "Despite the challenges of the pandemic, Walker & Dunlop was delighted to offer a long-term interest rate loan at a historically low rate."
Source: Walker & Dunlop