Empire Landing Apartments, Burbank, CA
BURBANK, CA, May 13, 2013 – Institutional Property Advisors
(IPA), a multifamily brokerage division of Marcus & Millichap serving the
needs of institutional and major private investors, has arranged the sale of Empire
Landing, a 276-unit multifamily community in Burbank. The terms of the sale
were not disclosed.
 |
| Ron Harris |
Ron
Harris, an IPA executive vice president investments, and Joseph Smolen,
an IPA director, represented the seller, a joint venture between Casden
Properties and PCCP. IPA also represented the buyer, TIAA-CREF.
“The
Tri-Cities apartment market is one of the most desirable in Los Angeles County
and Empire Landing is the standard bearer for multifamily housing in the area,”
says Harris. “Built in 2010, the property was the first new market-rate
apartment asset developed in Burbank in more than 20 years.”
 |
| Joseph Smolen |
“High governmental barriers to entry and a lack of available
land keep new construction in Burbank to a minimum,” adds Smolen. “The rarity of new assets in the area and Empire
Landing’s proximity to an abundance of cultural amenities and major employers
make it one of Los Angeles County’s marquis apartment properties.”
The apartment complex is located between Interstate 5 and
State Route 134, the Ventura Highway, on the corner of Buena Vista Avenue and
Empire Avenue at 1901 N. Buena Vista St. in Burbank, amid a dense concentration
of major entertainment and media companies. Nearby employers include The Walt
Disney Co., CBS Corp., ABC Family Worldwide Inc., Warner Bros. and Universal
Studios.
Apartment homes at Empire Landing feature nine-foot ceilings, limestone-finished gas fireplaces,
in-unit stacked washers and dryers, gourmet kitchens with custom decorative
countertops, spacious walk-in closets, large bathtubs, vanity cabinets,
pre-wiring for technology, and private patios.
For a complete copy
of the company’s news release, please contact:
Ben Johnson
Marketing Director
(925) 953-1736
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