BURBANK, CA—Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Empire Landing, a 276-unit multifamily community in Burbank. The terms of the sale were not disclosed.

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 andEmpire 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.”

“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.

Community amenities at the property include a 5,500-square foot private clubhouse with an executive business center and conference room, a lounge, a state-of-the-art fitness center with top-of-the-line Technogym equipment, and an outdoor pool and Jacuzzi surrounded by lush landscaping and a sundeck.