Douglas Emmett Closes On 350-Unit Mixed-Use Residential Building For $365M
Douglas Emmett has acquired a mixed-use residential community in the Westwood neighborhood of Los Angeles for $365M.
The REIT purchased the property from Gatewood Westwood, according to data site Reonomy.
Built in 2008 on 4.2 acres, The Glendon features 350 apartments and 50K SF of ground-floor retail.
The property sits in the heart of Westwood Village and within walking distance of UCLA.
The Glendon's common areas were recently upgraded and the property is midway through a total unit renovation, according to Douglas Emmett officials in a news release. Douglas Emmett will complete the renovation.
The Glendon's multifamily units and its ground-floor retail are both 97% leased.
Officials said with the acquisition of The Glendon, the REIT has grown its multifamily portfolio by over 20% in the last two years to over 4,000 units in West Los Angeles and Honolulu. More acquisitions are scheduled in the pipeline.
Douglas Emmett officials said it may reduce its capital interest by contributing the property to a consolidated joint venture.
