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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.