Greystar's Acquisition of Glendale Property Tops LA County's 2025 Multifamily Sales
Greystar's purchase of Modera Glendale for $126 million marks the priciest multifamily sale in LA County so far this year.
Los Angeles County has seen its fair share of high-priced real estate transactions in 2025, but none have topped the recent sale of Modera Glendale. According to Los Angeles County tax assessor records through June 23, the property was acquired by Greystar, a leading multifamily developer, for a whopping $126 million. The acquisition, which amounts to $536,000 per unit, has set a new record for the priciest multifamily sale in LA County this year.
The 235-unit apartment building, located at 600 North Central Avenue in Glendale, was previously owned by Mill Creek Residential, a Boca Raton-based developer, in partnership with investment firm Rockwood Capital. The property, now renamed as The Adeline, boasts modern amenities and easy access to nearby shopping and dining options.
The sale was facilitated by 1031 Exchange Professionals, a 1031 exchange intermediary led by David Kuns. This firm specializes in facilitating tax-deferred exchanges of business and investment properties. With Greystar's purchase of Modera Glendale, it's clear that the demand for high-end multifamily properties in LA County remains strong.
In light of this record-breaking sale, it's worth noting that Greystar has been actively expanding its presence in the Los Angeles market. In fact, this acquisition marks the company's fifth purchase in the area in the last year alone.
While this sale may raise some eyebrows, it's important to remember that real estate is a lucrative industry with plenty of opportunities for growth and profit. And as long as demand for high-quality properties like Modera Gl