200 W. Broadway, Glendale “Eleve” sells for $70,500,000

The Class A apartment building consists of 208 apartments over retial space, just closed on 6/20/2014 for a reported $70,500,000.
Equity Residential, a REIT based in Chicago purchased the asset from Blackrock Inc based in New York, in a 60 day escrow.

One of Glendale’s premier new developments built in 2013, the Eleve Lofts & Skydeck offers tenants several amenities including roof top movie screening, rooftop dog park, and roof top lounge BBQ areas.

The demographic specific asset, incorporates 188 one bedroom units and 20 two bedroom units. The one bedroom renting from $1,585 at $2,045. The two bedrooms ranged from $3,025 to $3,170.

The sale reflects $338,942 per unit and $549.39 per sf.

Posted on September 9, 2015 in Uncategorized

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