Cusumano Real Estate Group has sold a two-building apartment complex in Burbank for $59 million, according LA Commercial Agency/KW Commercial in Encino, which handled the deal.
The 146-unit complex, The Village at Toluca Lake, at 211 and 235 N. Valley St., sold to Essex Property Trust Inc. of San Mateo for more than $404,000 per unit, according to Michael Koshet, the broker who represented both parties in negotiations for the deal. The complex sold as an off-market deal.
“He (Michael Cusumano) gave us a price to accomplish it,” said Koshet, who specializes in off-market apartment transactions. “We tried to keep it to private buyers but had to cross over to the institutional to keep the price.”
The Village at Toluca Lake’s 110 units at 235 N. Valley St. were built in 1974, while 211 N. Valley’s 36 units were built in 1987.
Cusumano bought the complex in 2010 for $ $31.5 million, giving the company an 87 percent gain in price on the deal.