A joint venture sponsored by Dallas developer Mill Creek Residential Trust LLC has acquired property for a 245-unit apartment building in Glendale.
The developers plan to build a six-story, high-end apartment complex with a mix of studio, one-, two- and three-bedroom apartments, in addition to top floor penthouses. The property at 610 N. Central Avenue is south of the Ventura (134) Freeway but within the city’s downtown.
The parcel was acquired from a private trust this month for an undisclosed amount. It is occupied by a medical building and parking lot, which will be demolished in April, said Craig Stevens, principal at the Sherman Oaks office of Lee & Associates, who represented both the buyer and the seller.
“The buyers had several options but they really liked this location and the City of Glendale,” said Stevens, who noted it will allow many units to have unobstructed views of the Verdugo Mountains.
The complex will feature a pool, spa, fitness and yoga facility, clubroom and rooftop decks. The apartments are expected to be ready for rental in the first quarter of 2015.
Mill Creek was spun off from Dallas real estate developer Trammel Crow Residential in 2010. The Glendale project is one of the first to be funded through a $400 million equity fund the company recently established to finance new residential complexes, with an emphasis on the Southern California market.
Tyler Stevens, an associate at Lee & Associates, also represented the buyer and seller.