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Douglas Emmett Acquires 350 Unit Multifamily Property
Tuesday 11 June 2019

11 June 2019 - US-based real estate investment trust Douglas Emmett, Inc. (NYSE: DEI) has acquired The Glendon, a residential community in Westwood with 350 apartments and approximately 50,000 square feet of retail, for a contract price of USD 365m, the company said.
Douglas Emmett also closed a total of USD 540m in ten year, secured, non-recourse loans and sold 4.9m shares of its common stock at pricing just above USD 41 per share through its ATM programme.
Built in 2008, The Glendon is located at 1060 Glendon Avenue, and sits on 4.25 acres in the heart of pedestrian-friendly Westwood Village in Los Angeles. 
The property is within easy walking distance of Westwood's class A office space (including over 2.1m square feet owned by Douglas Emmett), UCLA's world-renowned campus, The Ronald Reagan UCLA Medical Center, and over 300 local shops and restaurants.
The Glendon common areas were recently upgraded and the property is midway through a total unit renovation, which will be completed by Douglas Emmett.
The Glendon's multifamily units and its ground floor retail are both 97% leased.
With the acquisition of The Glendon, Douglas Emmett has grown its total multifamily portfolio by over 20% in the last two years to over 4,000 units in West Los Angeles and Honolulu, with more units scheduled for delivery from a robust development pipeline. 
Douglas Emmett currently holds The Glendon directly but may reduce its capital interest by contributing the property to a consolidated joint venture.
Details
Date Published: 11/06/2019
Target: The Glendon
Country: USA
Deal Size: 365m (USD)
Sector: Construction/Real Estate
Type: LBO
Financing: Cash
Status: Closed
Vendor:
Buyer: Douglas Emmett, Inc
Comment:


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