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December 16, 2018
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SOUTHERN CALIFORNIA NEWS
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Burbank Res Asset Goes for $400k/Unit

12/26/17

In a year-end, LA-area multifamily acquisition, Essex Property Trust Inc purchased The Village at Toluca Lake, a 146-unit res property in Burbank, for $59 mil ($404k/unit). The two-building, non-rent controlled complex, located at 211 and 235 N. Valley St, was sold by Cusumano Real Estate Group.

The asset is ideally located on the border of Burbank and Toluca Lake. Burbank is currently one of the most active cities for renters, thanks in part to the rebranding of the Hollywood Burbank Airport and new studio lots being developed.

Michael Koshet with KW Commercial represented both parties in the transaction.





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