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December 6, 2021
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Burbank Multifamily Community Purchased by Clarion Partners and Cityview in $161 Mil Transaction

11/12/21

Empire Landing, a 276-unit, garden-style apartment community in Burbank, was acquired by a joint venture of Clarion Partners and Cityview in a $161 mil ($583k/unit) transaction. The buyers are planning a comprehensive renovation of the property’s common areas, amenities, and interiors.

Empire Landing features traditional one- and two-bedroom apartments, as well as 41 three-story townhomes with two-car direct access garages. This is the only rental community in supply-constrained Burbank to offer townhome residences larger than 1.5k sf.

The expansive gated community features ample indoor and outdoor amenities which will be re-envisioned with an updated design, revamped leasing experience, and renewed functionality of shared amenities, including the pool deck, fitness center, and clubhouse. In-unit renovations will include an updated design and high-end finishes and appliances.

Located in historically one of the strongest performing submarkets of Los Angeles, Empire Landing is situated among 10 msf of office space within a 10-mile radius, roughly 70% of which are Class A and largely media companies – including 16 animation studios, 15 television and broadcasting networks, eight record labels and 10 motion picture studios.

With media and tech giants continuing to enter and expand their footprints in the community, and Hollywood and downtown within a 30-minute drive, residents have access to some of the most marquee employers in the country. Conveniently located minutes from vibrant Downtown Burbank and more than 2 msf of retail space, residents have the best of both urban and suburban environments.

“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,” said Devang Shah, managing director, Cityview. “Modernizing this community will deliver Class A style and amenities to a city demonstrating high demand for quality rental housing.”





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