Alfred Pace Of Pacific Urban Investors Acquires Glendale Multifamily For $76 Million From Mark J. Parrell

The property asset involved in the transaction is a multifamily building located at 200 East Broadway in Glendale. It was sold for a transaction amount of $76 million and comprises 208 units, with a price per unit equal to $365,385. The property demonstrates a solid performance in the local market, characterized by 95% occupancy and average rents of $2,400.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $76,000,000
• Buyer: Alfred Pace - Pacific Urban Investors
• Seller: Mark J. Parrell - Equity Residential
• Lender: Berkadia
• Units: 208
• Price Per Unit: $365,385

Key individuals in this transaction include Alfred Pace, who represented Pacific Urban Investors as the buyer, and Mark J. Parrell, acting on behalf of Equity Residential as the seller. The financing for the acquisition included a $19 million note provided by Berkadia, demonstrating significant investment activity in the region as Equity Residential continues to divest several assets nationwide.