Clarion Partners has teamed up with a Los Angeles-based investment firm to buy a large apartment complex in Burbank.
The New York-based firm and Cityview Real Estate Partners bought a 276-unit complex for $161 million — around $583,333 per unit, according to a joint announcement on Wednesday.
Records show the property was previously owned by the Teachers Insurance and Annuity Association of America — a New York-based retirement services provider for teachers, medical personnel, people in government, among others. The firm did not respond to a request for comment.
TIAA bought the property for $102 million in 2013, according to property records.
Located at 1901 North Buena Vista Street, the complex comprises one- and two-bedroom apartments, along with 41 three-story townhomes. Amenities include a pool and a fitness center.
Clarion and Cityview are planning to make extensive renovations to the units as well as the amenities,, the firms said.
In a statement, Cityview’s Devang Shah highlighted Burbank as the “media capital of the world,” adding there’s a demand for high-end apartments in the city.
Burbank has seen few multifamily transactions in recent months. However, some firms are planning ground-up development. LaTerra Development and QuadReal Property Group are planning to build a 573-unit complex in the city.
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