June 11, 2019 Comments Off on Douglas Emmett Expands Westside Footprint with $365M MXU Views: 666 California News, Los Angeles, Top California

Douglas Emmett Expands Westside Footprint with $365M MXU

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.

To stay connected with multifamily news and trends, we invite you to attend Connect Apartments at the JW Marriott in Los Angeles June 20, 2019.

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