200 E Broadway, Glendale, CA 91205
200 E Broadway, Glendale, CA 91205
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Visit Doc Center
Visit Doc Center
BACK TO TOP
3121 Michelson Drive, Suite 400
Irvine, CA 92612
Investment Sales
Irvine Office
CONTACT Info
Mortgage Banking
KEITH ROSSO
Managing Director
310.209.3207 Keith.rosso@berkadia.com
CHARLIE HAGGARD
Senior Managing Director
949.572.9442 Charlie.haggard@berkadia.com
CHELSEA JERVIS
Managing Director
DRE# 01964154
949.244.9810
chelsea.jervis@berkadia.com
CJ ANGLE
Managing Director
DRE# 02074015
949.573.0931
cj.angle@berkadia.com
RYAN FITZPATRICK
Senior Managing Director
DRE# 01314070
714.614.7002
ryan.fitzpatrick@berkadia.com
PHOTO GALLERY
Location
1
8
Property Highlights
Differentiated, Low Density Product – Esplanade is a 588-unit, two and three-story garden-style community in the La Sierra neighborhood of Riverside, California. Completed in 2004, Esplanade provides low-density (20 DU/AC) apartment living in a central and amenity-rich master planned community location. Demand Outpacing Supply -
Since 2000, Riverside has seen its population increase by 66,000 (+26%), while the number of apartments constructed has averaged only 205 units per year. With continued forecasted population growth and no institutional sized apartment projects under construction within a 10-mile radius, investors have an incredible opportunity to capitalize on the region’s growth by repositioning Esplanade and capturing substantially higher rents.
Proven Value-Add Opportunity – New ownership has the opportunity to continue the proven unit interior renovation strategy across 221 unrenovated units (±38% of the Property). With expansive floorplans and current renovation premiums north of $250/unit, post renovated rents at Esplanade still remain at a compelling discount to new construction in the market. In addition to improving unit interiors, new ownership has the opportunity to refresh common area amenities for additional rental upside.
Favorable Ground Lease Structure – Esplanade is subject to a 99-year ground lease (77 years remaining) with La Sierra University. The favorable ground lease payment consists of: (1) a fixed annual ground lease payment of $1,009,596 for the duration of the term and (2) Additional Rent, fixed at 2.95% of Gross Income. Because of the ground lease’s fixed payment component, as operations and NOI continue to grow, the blended ground lease payment as a percentage of Gross income will decline annually, currently at 9.5% of Gross Income and diluting down over time (to 6.7% by way of example over the next 20 years).
Fastest Growing Job Market – With a booming healthcare sector and one of the strongest industrial hubs in the country, the Inland Empire job market has been expanding at a rate unmatched in California. From 2014 to 2024, employment surged by 29.4%— outpacing every major metro in the state.
Robust Regional Economy – With over 188 million square feet of industrial space and another 4.2 million square feet under construction, the Riverside/Moreno Valley submarket has become one of the nation’s most robust industrial hubs. The region also boasts a thriving healthcare sector, with over 8.4 million square feet of medical office space and nearly $2 billion in recent healthcare expansion projects within a 30-minute commute of Esplanade. Riverside also boasts a strong education sector, with UC Riverside as the cornerstone as well as La Sierra University, located directly adjacent to the Property.
Rapidly Growing Population – Since 2000, the Inland Empire’s population has grown 34x faster than the construction of institutional quality apartment homes. The region’s population is forecasted to grow by another 299,915 (6.3%) over the next 5 years, outpacing every other metro in California and the construction of new housing.
Ideal Location – Riverside is the Inland Empire’s most populous city, home to over 319,000 residents boasting an average household income of $113,400. The city offers an abundance of outdoor recreation, award-winning schools, outstanding retail options, and a nationally recognized university. Within Riverside, Esplanade is ideally situated with over 2.2 million sq. ft. of retail within a two-mile radius and just minutes from Downtown Riverside, a dynamic urban village with over 70 popular restaurants, bars, and shops. And with convenient access to the 91 Express Lanes, residents can easily reach Corona (6 mi.) and other destinations throughout the Inland Empire and Orange County in minutes.
The Opportunity
Location
Highlights
Opportunity
Document Center
Contact
Privacy
Terms of Use
Gallery
2
3
4
5
6
Berkadia, as exclusive advisor, is pleased to present Eleve Lofts and Skydeck Apartments (the “Property” or “Eleve”), a 208-unit value-add investment opportunity in Glendale, California with ±14,271 sq. ft. of fully occupied ground floor retail. Nestled in the heart of Downtown Glendale, Eleve features a bullseye location directly across the street from Americana at Brand and Glendale Galleria, two of the highest-grossing lifestyle centers in the country and anchoring downtown Glendale with over 200 of the regions' most exciting shops and restaurants. With a Walk Score of 97, Eleve doesn’t just provide walkability; it delivers a curated lifestyle where everything residents need is just steps away. Strategically positioned within the thriving Tri-Cities employment corridor, Eleve benefits from its immediate proximity to over 316,000 jobs. Flanked by media- and entertainment-dominated Burbank and tech- and education-driven Pasadena, Glendale serves a unique fusion of all these thriving industries, offering residents a sea of diverse employment opportunities. Built in 2013, Eleve is a thoughtfully designed, LEED Silver certified community highlighted by a 26,000 sq. ft. skydeck offering panoramic views of LA and the surrounding mountains. Primarily comprised of studios (90%), the property presents a compelling value proposition for renters seeking access to this coveted amenity-rich location at a more attainable price point. Eleve’s rents are currently a substantial discount to competing rental properties, which creates the opportunity for a meaningful value add repositioning.
Visit Doc Center
Visit Doc Center
Visit Doc Center
Visit Doc Center
The Asset
Highlights
DOC CENTER
Terms of Use
Privacy
Contact
Location
Gallery
Riverside is the Inland Empire’s most populous city, home to over 319,000 residents boasting an average household income of $113,400. With an abundance of outdoor recreation, award-winning schools, outstanding retail and entertainment options, and a nationally recognized university, Riverside is one of the Inland Empire’s most dynamic and desirable submarkets. The city’s commitment to revitalization is evident in its ongoing downtown redevelopment and infrastructure investments, further enhancing its appeal. Within Riverside, Esplanade offers an exceptional location proximate to the best the city has to offer. The site is within two miles of over 2.2 million sq. ft. of retail space, including retailers like Costco, Vons, Target, and Stater Bros. The Property is also just 15 minutes away from Riverside’s historic downtown, a dynamic urban village filled with over 70 popular restaurants, bars, shops, and art galleries. And with convenient access to the 91 Express Lanes, residents can easily navigate to destinations throughout the Inland Empire and Orange County in minutes.
MARY ANN KING
Co-head of Berkadia Institutional Solutions 949.242.4070 CA DRE #01323188 maryann.king@berkadia.com
BRETT BETZLER
Senior Managing Director 949.981.1196 CA DRE #01330214 brett.betzler@berkadia.com
7
KEVIN MIGNOGNA
Senior Managing Director
619.622.9238 Kevin.Mignogna@berkadia.com
Investment Highlights
Differentiated Product Type + Retail Premium + Value-Add = Outsized Returns for Investors Eleve represents one of the most attractive value-add opportunities in the market today due to three primary attributes: Eleve (1) is adjacent to Americana at Brand, one of the highest-grossing retail centers globally; (2) is a differentiated product that is unique among Glendale rental comps for being primarily studios and lofts, which offers the advantage of access and proximity to the lifestyle of Downtown Glendale at a lower whole-dollar rent, and finally (3) the clear opportunity for a value-add repositioning. With current rents trailing nearby competitors by $400 - $1,100, Eleve offers investors a rare opportunity to reposition the asset and bridge this rental gap, capitalizing on the property’s unique attributes and Glendale’s growing demand for luxury housing.
Net Negative Supply Has Resulted in Glendale’s Outperforming Rent Growth Since 2021, Glendale has only delivered 326 market rate units. In that same time period, through the JPA buying spree, five institutional properties totaling 1,475 units were taken out of the market rate rental supply and converted to affordable units. The net result is that Glendale has seen net negative market rate supply over the past five years (-1,149 units). This loss of competitive market rate supply has translated to Glendale’s rent growth consistently outperforming its tri-cities neighbors of Pasadena and Burbank, by an annual average of 100 bps over the last five-year period.
Access to Diverse Employment Centers Home to 316,000 jobs, 33,000+ businesses, and over 45 million sq. ft. of office space, LA’s Tri-Cities submarket (Glendale, Burbank, and Pasadena) form one of the most dynamic media and tech hubs in the country. Glendale, in particular, has emerged as a dynamic nexus for new media, creative studios, and corporate headquarters, with its strategic location between Burbank’s major studios and Pasadena’s tech corridor. From entertainment powerhouses like Disney, Warner Bros., and NBCUniversal, to animation and production leaders like DreamWorks, Marvel and Cartoon Network Studios, to cutting-edge science and tech institutions like JPL and Caltech, the Tri-Cities area is a concentrated powerhouse of media and technology. And with rapid access to Ventura and I-5 Freeways, residents can easily reach Downtown LA, West Hollywood, and Hollywood in less than 30 minutes.
Situated in the heart of Downtown Glendale, directly across from the iconic Americana at Brand and Glendale Galleria, and boasting a Walk Score of 97, Eleve offers a front-row seat to one of LA’s most coveted lifestyle hubs. Americana at Brand isn’t just retail — it’s a one-of-a-kind, open-air lifestyle center blending luxury shopping, al fresco dining, and nightly entertainment into a vibrant, village atmosphere. Think morning coffee, designer shopping, award-winning dining, and rooftop cocktails—all without ever setting foot in a car. And when residents want to roam, Eleve sits less than 15 minutes from some of LA’s most iconic destinations, including Pasadena, Silverlake, Los Feliz, and the expansive trails and panoramic views of Griffith Park. Eleve’s location delivers the best of both worlds: front-row access to the dynamic downtown Glendale lifestyle, with LA’s most iconic neighborhoods just a short drive away.
Mary Ann King
Co-Head of Berkadia Institutional Solutions DRE# 01188651 949.242.4050 maryann.king@berkadia.com
Brett Betzler
Senior Managing Director DRE# 01330214 949.981.1196 brett.betzler@berkadia.com
