June 11, 2019
Douglas Emmett, Inc. acquired The Glendon, a residential community in Los Angeles’ Westwood with 350 apartments and roughly 50,000 square feet of retail, from Clarion for a contract price of $365 million. Built in 2008, the property is located at 1060 Glendon Ave., and sits on 4.25 acres in the heart of pedestrian-friendly Westwood Village.
The Glendon common areas were recently upgraded and the property is midway through a total unit renovation, which will be completed by Douglas Emmett. The Glendon’s multifamily units and its ground floor retail are both 97% leased.
With the acquisition of The Glendon, Douglas Emmett has grown its total multifamily portfolio by over 20% in the last two years, to over 4,000 units in West Los Angeles and Honolulu.
Douglas Emmett also closed a total of $540 million in 10-year, secured, non-recourse loans and sold 4.9 million shares of its common stock at pricing just above $41 per share through its ATM program.
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