Amidi Real Estate Group has secured $125 million in financing for a newly built residential building in downtown Glendale.
Oaktree Capital Management provided the financing for the 228-unit TenTen Campus at 414 North Orange Street, according to JLL, which arranged the deal.
The funding injection allows Redwood City-based Amidi to retire existing debt and preferred equity and provides capital for continued operations as the property approaches full stabilization, Multi-Housing News reported. Amidi received a temporary certificate of occupancy for the building in November 2024 and began leasing this February, reaching 95 percent occupancy by the time the Oaktree deal closed.
The eight-story building spans 220,018 square feet across 228 studio, one- and two-bedroom apartments ranging in size from 470 to 1,848 square feet. Average monthly rent is $3,972, per Yardi Matrix data cited by Multi-Housing News. Apartments are outfitted with stainless steel appliances and in-unit washers and dryers, with balconies in some units. Building amenities include a resort-style pool and spa, a rooftop terrace, a fitness center with a steam room and sauna and a business center. The ground floor has more than 5,200 square feet of retail space.
Amidi has expanded its TenTen-branded luxury multifamily developments across California. Other TenTen projects in development include TenTen Hollywood, TenTen Sunnyvale and the second phase of TenTen Wilshire.
In July, the Bay Area-based firm sold TenTen Glendale, a 66-unit mid-rise at 111 North Louise Street in Glendale, to Regent Properties for $33.5 million. That housing came online in 2019 with fully furnished units in studio, one- and two-bedroom floorplans.
Aside from TenTen, Amidi also builds commercial and mixed-use developments under its Hollywood Production Center and Plug and Play Tech Center brands. There are six Hollywood Production Center locations across the Los Angeles area and more than 30 Plug and Play Tech Center properties around the world.
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