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BURBANK, CA-CF Burbank LLC of Newport Beach bought the Clybourn Court and Chateau Toluca apartment complexes for $21.5 million from Toluca Lake Clybourn of Los Angeles and plans to spend $5,000 to $10,000 per unit on upgrades, according to Dean Zander of Hendricks & Partners.

Zander, who represented the buyer, tells GlobeSt.com that the 110-unit Clybourn Court was built in 1972 and the 35-unit Chateau Toluca was built in 1985. Both buildings are three-story wood frame construction over one level of parking. The complexes are on Burbank’s border with TLC Lake. They include a pool, a spa, a gym, a leasing office, covered parking and other features.

The 145 units include 64 two-bedroom, two-bath units; 51 one-bedroom, one-bath units; 16 two-bedroom, 2.5-bath townhouse units; 10 studios, four one-bedroom, 1.5-bath units. The apartments range from 600 to 1,200 square feet, with market rents of $1,000 for the singles; $1,300 for the one-bedroom, one-bath units; $1,600 for the one-bedroom, 1.5-bath units; $1,775 for the two-bedroom, two-bath units; and $2,200 for the two-bedroom, 2.5-bath units.

Zander says the seller had owned and managed the property for more than 20 years and had recently completed some cosmetic and structural upgrades to the property, which was nearly 100% occupied at the time of sale. He says the buyer is taking advantage of the strong demand for quality housing in the immediate area, where virtually no new apartments have been built in recent years while the number of jobs has grown by 13,000.

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