Clarion Partners and Cityview have acquired Empire Landing in Burbank for $161 million in a joint acquisition. The apartment community has 276 units, including 41 three-story townhouses, the only townhouse rental options in the Burbank market.
The partnership is planning a capital improvement plan to renovate the common areas, amenities, which include a pool deck, fitness center and clubhouse, and the interior units. The latter includes upgrades to both the design and finishes of the units.
Burbank is among the strongest multifamily submarkets in the Los Angeles area. It is driven by a strong job center. Empire Landing is located near 10 million square feet of primarily class-A office space housed predominantly by media companies, including 16 animation studios, 15 television and broadcasting networks, eight record labels and 10 motion picture studios, according to information from Clarion Partners and Cityview.
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Warner Bros. also completed a major deal in the market. A partnership between Worthe Real Estate Group and investment firm Stockbridge has completed a deal with Warner Bros. to acquire the Ranch Lot, a historic studio facility in Burbank, in a sale-leaseback transaction. The transfer of ownership will take place in 2023, and Warner Bros. will take occupancy of the property in 2025, following a redevelopment by the new ownership. The partnership plans to spend $500 million to redevelop the 32-acre land site. The redevelopment will include 16 sound stages with connected production support space, a multi-level parking structure, a commissary, mill space and a 320,000-square-foot office complex. The development project will total 926,000 square feet.
This year, Burbank has had roughly 20 apartment transactions, including this acquisition. In September, a local family office acquired the trophy multifamily community Skyview Terrace Apartments in Burbank for $15.5 million. At the time, the transaction was the largest apartment deal in the market in the previous 11 months. It was also the newest apartment building to trade hands in the last five years.
Skyview Terrace Apartments is a boutique 34,000-square-foot, 35-unit property with a mix of one- and two-bedroom apartment homes. It features one of the largest rooftop decks in the Burbank market. The property was built in 2008, and this deal marks the first time that it has traded hands. While a local family office, the buyer was of institutional quality in their performance and offer.
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Kelsi Maree Borland
