California Community Housing Agency Acquires Multifamily Property In Glendale For $290M

The multifamily property located at 275 W. Lexington Drive in Glendale has been sold for a total of $290,000,000. The transaction took place on 04/26/2021 and involved a total of 494 units. The price per unit was approximately $587,044. The buyer of the property was the California Community Housing Agency, while the seller was Cypress Equity Investments, represented by Michael Sorochinsky.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $290,000,000
• Address: 275 W. Lexington Drive
• Market: Glendale

Craig Pedersen and Michael Sorochinsky were involved in the transaction as evidenced by the provided image. Craig Pedersen and Michael Sorochinsky played significant roles in the deal, with Craig Pedersen representing the buyer, the California Community Housing Agency, and Michael Sorochinsky representing the seller, Cypress Equity Investments.