Description

Jones Lang LaSalle Americas, Inc., as exclusive advisor, is pleased to present for sale The Griffith (the “Property”), a 220-unit, 100% market-rate luxury multi-housing community located in Glendale, California. Built in 2018, the Property delivers residents an elevated living experience through modern interiors and spacious floor plans across a diverse unit mix of 1-, 2-, and 3-bedroom residences averaging ±886 square feet.

The Griffith has demonstrated exceptional operational strength – at ±95.5% current occupancy, ±3.1% new lease trade outs in May, and ±1.2% T12 concessions – a testament to the sustained renter demand and institutional quality of the asset. The Property’s thoughtfully curated amenity package is anchored by a resort-inspired outdoor pool with poolside cabanas, a rooftop skydeck, and a two-story clubhouse featuring a fireplace, full kitchen, and game room – complemented by a club-level fitness center with a dedicated yoga studio. The Griffith benefits from immediate access to Glendale’s dynamic urban core while drawing from an exceptionally qualified renter base that reflects the submarket’s affluence and stability. Residents at the Property boast an average household income of ±$215,000 which translates to a ~18% rent-to-income ratio, providing natural runway to push rental rates. This highly educated and well-compensated residential base is employed across the region’s leading entertainment, healthcare, and financial institutions, including Disney, NBCUniversal, Netflix, Apple, Kaiser Permanente, Cedars-Sinai, J.P. Morgan, and Fidelity.

The submarket’s high barriers to entry, coupled with strong demographics, underpin the long-term rent growth trajectory of the Property. Investors also benefit from the City of Glendale location, which is exempt from the City of LA Mansion Tax, positioning The Griffith as one of the most compelling investment opportunities in Southern California.

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