Cusumano Acquires 145-Unit Jefferson Complex

BURBANK, CA-Cusumano Real Estate Group acquires the complex in a lender-facilitated short sale. Price is undisclosed, but the property was marketed at $31 million asking.

By Bob Howard | Updated on July 06, 2010

BURBANK, CA-Locally based Cusumano Real Estate Group has acquired the 145-unit Jefferson at Toluca Lake apartment complex on an all-cash basis from developer JPI of Irving, TX in a lender-facilitated short sale. The sales price was undisclosed, but the property was marketed at an asking price of $31 million, with Dean Zander and Vince Norris of Hendricks & Partners as the listing agents.

Cusumano Real Estate Group is the largest owner of multi-family properties in the Eastern San Fernando Valley as well as a developer and investor in apartment complexes. Company president Michael Cusumano says that the acquisition “allows us to extend our brand within the community and acquire a nearly irreplaceable asset.” Cusumano Real Estate, which has 50 years’ experience in the industry, will oversee day-to-day management.

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