Pacific Urban Investors purchased a downtown Glendale apartment building for about 8 percent over its last trade more than a decade ago.
The Marcus & Millichap Company paid $76 million for 200 East Broadway, according to property records. The seller was Equity Residential; Berkadia issued a $19 million note.
The deal comes out to $365,000 per apartment for the 208-unit building.
The property, called the Eleve, includes about 14,000 square feet of fully leased ground floor retail and a 26,000 square foot skydeck. It is near billionaire Rick Caruso’s Americana at Brand.
Equity Residential purchased the seven-story property for $70.5 million, according to a 2014 annual report.
Berkadia marketing materials pitched the property as a value-add investment opportunity, as the rents are lower than typical for downtown Glendale.
The buyer declined to comment; the seller and Berkadia did not respond to requests for comment.
The Glendale, Burbank and Pasadena multifamily submarket has a 95 percent occupancy rate, according to a Colliers analysis. The average rent is about $2,400 a month, and the average sale price per apartment is $390,000.
The Michael H. Saperstein Family Trust recently sold a Glendale multifamily property at 700 North Palm Drive for more than $6 million to an unknown buyer, and that deal came out to $450,000 per apartment, according to Kidder Mathews. It was one of the priciest-per-apartment trades in Glendale this year.
This summer, Amidi Group sold a mid-rise apartment community in Glendale, at 111 North Louise Street, for $33.5 million, or about $508,000 an apartment, to Regent Properties.
Multifamily owner Pacific Urban Investors has made a couple buys recently.
The company purchased a rent-stabilized apartment building in Brooklyn, New York, for $83 million in July, marking its eighth purchase in the New York metropolitan area.
Publicly traded Equity Residential has been selling.
In August, it sold an apartment complex in a Boston suburb for $97 million; in May, it sold a Seattle multifamily property for $121 million.
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