LOS ANGELES, CA – Douglas Emmett, a real estate investment trust (REIT), announced that it has bought The Glendon, a residential community in Westwood with 350 apartments and approximately 50,000 square feet of retail, for a contract price of $365 million.  

Douglas Emmett also announced that it has closed a total of $540 million in ten 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.

Built in 2008, The Glendon is located at 1060 Glendon Avenue, and sits on 4.25 acres in the heart of pedestrian-friendly Westwood Village in Los Angeles. The property is within simple walking distance of Westwood’s Class A office space (including over 2.1 million square feet owned by Douglas Emmett), UCLA’s world-renowned campus, The Ronald Reagan UCLA Medical Center, and over 300 local shops and restaurants. 

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, with more units scheduled for delivery from a robust development pipeline. Douglas Emmett currently holds The Glendon directly but may reduce its capital interest by contributing the property to a consolidated joint venture.

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NOVI, MI – M. Shapiro Development and MJC Companies signaled the grand opening of their newest luxury apartment community with the start of a month long summer celebration. 

“We want people to experience the right essence of luxury living during the height of the summer season,” said Mark Kassab, Senior VP at M. Shapiro Development. “We have taken a completely fresh approach to the design and development process in an effort to bring something unique to the luxury rental market.”

Huntley Manor offers the ultimate privacy with an attended gatehouse entry. The entrance boulevard is marked by stately brick and wrought iron monument walls along Grand River Avenue, west of Meadowbrook Road. The new amenity rich community is located minutes from Twelve Oaks super regional mall with nearly 200 stores and restaurants including Nordstrom, Macy’s, The Cheesecake Factory, Sedona Taphouse and more. 

Huntley Manor will serve a diverse-base of upscale residence in its 203 ultra-luxury apartments. Eight unique floor plans are offered with 2 or 3 bedrooms and 2 or 3 full baths. Each apartment has a private 2-car attached garage with direct access to the individual apartments.

“Given Huntley Manor is set in a very strong growth area with an appetite for luxury, we responded by making a gated community with the highest level of design and amenities. We like to say that no detail was overlooked,” commented, MJC Companies’ Principal, Michael A. Chirco.

Huntley Manor offers eight distinctive floor plans ranging from 1,353-1,820 sq.ft. of living space. Each apartment home features a private covered entry, 9-foot high ceilings, crown moldings, wood style plank flooring, granite countertops, stainless steel kitchen appliances, full-size washer and dryer, kitchen with island or peninsula snack bar, window treatments and private patio or balcony.

“Huntley Manor is in the right place at the right time,” clarified M. Shapiro Development Principal, Mickey Shapiro. “We have experienced unprecedented demand during our pre-leasing marketing campaign. Our attended gate entry, the superior apartment size and a location unmatched for convenience are key to our residents. They won’t settle for anything less.”

Community amenities include a resort-class clubhouse with 24/7 fitness center, residence lounge with a kitchen for entertaining, business center, cyber café with complementary Wi-Fi, heated swimming pool, sundeck and cabana, whirlpool spa, outdoor fireside lounge and more. Huntley Manor is a pet centric community, with certain conditions for dog and cat owners.

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LAS VEGAS, NV – In the largest single multifamily asset transaction in Nevada history, TruAmerica, in joint venture with an institutional capital partner, has bought Allanza at the Lakes (Allanza), an 896-unit multifamily community in Las Vegas, NV for $152 million.

With the acquisition, TruAmerica has started 2019 with nearly $900 million in transaction activity including the acquisition of approximately 3,700 units in Florida, Georgia, Nevada and Colorado.

“We continue to fine tune our portfolio building scale where we have a significant presence like Las Vegas and expanding our national footprint into new markets such as Atlanta,” said TruAmerica Founder and CEO Robert E. Hart.  

With 896 units, Allanza is the fourth largest apartment building in Nevada and the largest acquisition by unit-size in the six-year history of the Los Angeles-based real estate investment firm.  Since entering the Las Vegas market in 2016, TruAmerica, alongside its institutional partners, has significantly grown its local portfolio through selective acquisitions. TruAmerica now owns approximately 4,000 units in Nevada, making it one of the largest multifamily landlords in the state. 

Las Vegas exhibits all of the fundamental indicators of apartment appreciation making it a market that TruAmerica believes will continue to experience long-term investment upside, according TruAmerica Director of Acquisitions Zach Rivas.

“Las Vegas maintains itself as one the lowest income-to-rent ratios MSA’s in the country making renting a very attractive proposition for Las Vegas residents,” Rivas said.   “While rent growth in other markets may be slowing, Las Vegas remains strong.”

Built in 1986, Allanza features a mix of one-, two- and three-bedroom homes in 56, two-tale buildings on a 40-acre site.   Located at 8600 Starboard Drive the property benefits from a “Main and Main” location in the highly desirable Lakes neighborhood in Summerlin, according to Rivas.   

In addition, the population within a five-mile radius of Allanza is expected to grow by nine percent over the next four years, according to Costar.

Allanza offers TruAmerica strong value-add upside through the implementation of an institutional quality management strategy along with a significant capital improvement program to fully upgrade the interiors of all homes, which will be executed as leases expire.  To enhance the property’s overall curb appeal, plans also call for targeted improvements to the buildings’ exterior and community areas around the property, which includes five swimming pools, two fitness centers, a pet spa, picnic areas and a playground.

Senior Vice President Phillip Weigand and Vice President Thomas Olivetti in Northmarq’s Las Vegas office marketed the property for sale on behalf of the seller.

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages an $8.7 billion portfolio of approximately 40,000 units across prime locations.

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