Walker & Dunlop, Inc. this week announced in a press release that it completed the $60,000,000 sale of 416 on Broadway, a 115-unit residential community in Glendale. It was originally built as for-sale condominiums in 2009 and is now being leased as apartments.
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.
“416 on Broadway is a best-in-class asset located in the durable Glendale submarket. Although Glendale has 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 said. “Additionally, from a sales 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. “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,” Brooker said.
