GLENDORA, CA-AvalonBay, a Washington DC-based REIT, has acquired five acres in Glendora, CA to develop Avalon Glendora, a 256-unit, mixed-use apartment community. The complex will be Glendora's largest development, and the first property since 1987 with more than 100 units.

The sale price was not disclosed, but the property generated a lot of interest and had multiple offers. “We selected AvalonBay because of its proven experience developing quality projects, and, as a REIT, it was not dependent on third-party financing,” says Mike Smith, a principal of Lee & Associates, who, along with fellow principals Jim Fisher and John Battle, represented the buyer and sellers in the transaction.

The Glendora City Council approved the development in May, which allowed AvalonBay to begin construction in late September with an estimated completion date of late 2014. Fisher credits the smooth entitlement process to AvalonBay's industry experience, saying, “AvalonBay has the depth of experience to understand how cities approach projects like this one and the kind of support they need from developers. The company was extremely responsive to the city and its needs, and that was key in moving the project through the entitlement process.”