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Tuesday, Nov 5, 2024

Burbank Apartments Sold for $6.5 Million

The Capri Apartments in Burbank have sold for $6.46 million, or $307,619 per unit.The two-level property at 520 E. Magnolia Blvd. features seven one-bedroom units and 14 two-bedroom units. The apartments sit on a 17,372-square-foot lot with 27 single-car parking spaces in back.Senior Vice President Chuck Dunn and Senior Associate Jenny Eng with NAI Capital’s Multifamily Services Group brokered the sale, representing the seller, a family trust, in the transaction. FCD Holdings LLC is identified as the buyer.“The seller, a private investor, is very pleased with the sale and is completing a 1031 exchange,” Dunn said in a statement. “This was an excellent opportunity for a value-add investor to acquire and grow their income with an upside potential in rents.”Added Eng: “This is a turnkey, great cash flowing asset that was placed on the market for the first time since 1976.”The agents also stated that the property was 100-percent occupied at the time of sale and the new owner plans to hold the asset as a long-term investment.Comparable sales include another NAI Capital-transacted deal from this month — an 84-unit apartment portfolio in Burbank that just sold for $31.3 million, or $372,000 per unit. In August, the 30-unit 405 Ivy St. in Glendale sold for $9.46 million, or $315,250 per unit; and the 60-unit 221 N. Cedar St. in Glendale sold in February for $28 million, or $466,666 per unit.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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