Century City-based Cityview and New York City-based Clarion Partners acquired a 276-unit multifamily property in Burbank for $161 million.
The asset, known as Empire Landing, has one- and two-bedroom apartments in addition to 41 three-story townhomes with two-car garages. It is the only rental property in Burbank with townhomes larger than 1,500 square feet, according to Clarion and Cityview.
The two companies are planning to upgrade the property, including the pool deck, fitness center and clubhouse. The units will also be updated by adding high-end finishes and new appliances.
“We are excited to partner with Cityview, who will bring a wealth of value-add experience to reenvision the property while delivering outstanding tenant satisfaction,” Robert Wilshusen, vice president at Clarion Partners, said in a statement.
The property is Cityview’s 20th value-add acquisition in the region in the past three years. The asset’s location was a big reason the company was interested in acquiring it.
“Empire Landing is centrally located where urban and suburban environments converge in one of the most job-rich, high-growth economic areas of Southern California, often referred to as the ‘media capital of the world,’” Devang Shah, managing director at Cityview, said in a statement.
Meanwhile, Century City-based LaTerra Development and Vancouver-based QuadReal Property Group received a $199 million construction loan for a project in Burbank.
The development, at 777 N. Front St., will have 573 apartment units, 69 of which will be affordable units.
The financing was provided by BMO Harris Bank and Citizens Bank. LaTerra and QuadReal were advised by Eastdil Secured on the loan.
“LaTerra, QuadReal, BMO Harris Bank and Citizens comprise a premier partnership well suited for a project of this magnitude in such an exemplary location,” Chris Tourtellotte, managing director for LaTerra Development, said in a statement.
The development is rare — there has been only one other new apartment project in Burbank in the last 20 years, according to the developers. The area is seeing a lot of interest, though.
Burbank is one of the strongest office markets in L.A. and has continued to do well during the pandemic, driven by large tech and media company lease announcements and expansions. Companies in Burbank include Walt Disney Co. and Warner Bros.
During the third quarter, the Burbank office market saw a vacancy rate of 7.4%, the lowest of any market in L.A., according to data from Jones Lang LaSalle Inc. The asking rate for Class-A properties during the quarter was $4.32 a square foot, up 57 cents in a year, according to JLL data.
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