201-UNIT MULTIFAMILY COMMUNITY FETCHES $47.5 MILLION

COSTA MESA, CALIF. — Boston-based Berkshire Property Advisors LLC has acquired Glo, a 201-unit multifamily apartment community located in downtown Los Angeles, for $47.5 million or $236,318 per unit. The property was acquired from a joint venture between Vancouver, Wash.-based Holland Partners and other equity partners. Located at 1050 Wilshire Blvd., the 353-unit property consists of two five-story buildings connected by a sky bridge. Glo offers studio, one-, two- and three-bedroom units with an average unit size of 1,010 square feet. Each apartment features stainless steel appliances, granite kitchen countertops, central air and heating, and a full-size washer/dryer. The community also features two landscaped plazas, a pool area with Jacuzzi and private cabanas, a clubhouse, a two-story fitness center and a soundproof screening area. Additionally, Glo features 8,453 square feet of ground-level retail space, which is currently anchored by a Starbucks Coffee. The West Coast office of Chicago-based Moran & Company brokered the transaction.