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December 3, 2020
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Burbank Apartment Portfolio Trades for First Time in Over 30 Years

10/27/20

An 84-unit apartment portfolio in Burbank was purchased for $31.25 mil, or $372k per unit. The portfolio consists of two 42-unit apartment buildings just two blocks from each other in the heart of the city.

The three-story apartment buildings were both built in 1988. One of the properties, Olive Avenue Apartments, is located at 555-559 E Olive Ave. It is comprised of 15 one-bedroom/one-bath units and 27 two-bedroom/two-bath apartment units. The other property, Park Verdugo Apartments, is located 321 S 6th St, at the corner with Verdugo. That asset consists of 12 one-bedroom/one-bath units and 30 two-bedroom/two-bath units.

The apartment buildings are well maintained and have a high historical occupancy. Tenants enjoy ample parking, large units with balconies, pool, BBQ area, landscaped courtyard and controlled security access.

The buildings have a Walk Score of 91. Tenants can walk to a myriad of restaurants, entertainment and retail shops just minutes to downtown Burbank. The building also has excellent proximity to public transportation, the 5 and 134 Freeways.

Ziv Zozaski and Michael Dixon with NAI Capital’s Multifamily Services Group represented the buyer, Smooth Operator LP, and the seller in the trustee sale. The deal came in with an average cap rate of 3.4%. According to NAI Capital, this is the largest apartment sale transaction in Burbank so far this year – and the biggest in three years.

“This attractive long-term investment was placed on the market, by the original owner, for the first time in over 30 years,” noted Ziv. “Within days of marketing the portfolio we received multiple offers. Rents at the buildings were substantially below market providing the new buyer, who owns many apartments in Burbank, an opportunity to increase income and in one fell swoop add 84 units to their portfolio.”





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