LA County’s Priciest Multifamily Building Sale of 2025

The biggest multifamily sale in Los Angeles County so far this year is The Sobrato Organization’s April acquisition of a Glendale property, according to Los Angeles County tax assessor records through June 23.

Boca Raton-based developer Mill Creek Residential, in partnership with investment firm Rockwood Capital, sold Modera Glendale, a 235-unit apartment building at 600 North Central Avenue, for $126 million or $536,000 per unit. The new owner renamed the property The Adeline. The property is managed by Greystar.

The buyer is listed as 1031 Exchange Professionals, a 1031 exchange intermediary specializing in the facilitation of tax-deferred exchanges of business and investment property led by David Kuns. The firm bought the property on behalf of Mountain View-based Sobrato.

“We facilitated a reverse exchange on behalf of a client,” Kuns said declining to cite the client’s name. The exchange should be completed in a couple of weeks, at which time we will no longer be on title.”

Mill Creek developed the five-story property in 2015. It has a courtyard with a pool and a hot tub, plus two smaller attached courtyards. The property also has a fitness center, a yoga studio, a pet spa and a multipurpose clubhouse with a gourmet kitchen area and an internet cafe.

One-bedroom apartments start at $2,788 per month for 619 square feet, The Adeline website indicates. Two-bedrooms start at $3,854 a month for 1,050 square feet.

In terms of overall price, the Glendale deal pales in comparison to 2024’s biggest multifamily sale in L.A. County, but beats it out on a price-per-unit basis.

CIM Group sold the 34-story luxury high-rise at 888 South Hope Street in Downtown Los Angeles to San Francisco-based investment firm FPA Multifamily in March 2024 for $186 million, or $354,000 per unit.

Sobrato’s acquisition surpasses L.A. County’s second-biggest multifamily sale in 2024 by sheer price, but not by price per square foot. DivcoWest bought Clarion Partners’ Silicon Beach apartment complex Reveal Playa Vista in May 2024 for $122.1 million, or about $570,000 per unit.

Correction: This story has been edited to reflect that The Sobrato Organization acquired the asset and Greystar manages it.