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Los Angeles

$161M fixer-upper in “media capital”

276-unit complex in Burbank sold by TIAA; new owner plans upgrades to units, amenities

From left: Sean Burton, chief executive officer, Cityview Real Estate Partners, and David Gilbert, chief executive officer, Clarion Partners in front of 1901 North Buena Vista Street (Cityview Real Estate Partners, Clarion Partners, LoopNet)
From left: Sean Burton, chief executive officer, Cityview Real Estate Partners, and David Gilbert, chief executive officer, Clarion Partners in front of 1901 North Buena Vista Street (Cityview Real Estate Partners, Clarion Partners, LoopNet)

Clarion Partners has teamed up with a Los Angeles-based investment firm to buy a large apartment complex in Burbank.

The New York-based firm and Cityview Real Estate Partners bought a 276-unit complex for $161 million — around $583,333 per unit, according to a joint announcement on Wednesday.

Records show the property was previously owned by the Teachers Insurance and Annuity Association of America — a New York-based retirement services provider for teachers, medical personnel, people in government, among others. The firm did not respond to a request for comment.

TIAA bought the property for $102 million in 2013, according to property records.

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Located at 1901 North Buena Vista Street, the complex comprises one- and two-bedroom apartments, along with 41 three-story townhomes. Amenities include a pool and a fitness center.

Clarion and Cityview are planning to make extensive renovations to the units as well as the amenities, the firms said.

In a statement, Cityview’s Devang Shah highlighted Burbank as the “media capital of the world,” adding there’s a demand for high-end apartments in the city.

Burbank has seen few multifamily transactions in recent months. However, some firms are planning ground-up development. LaTerra Development and QuadReal Property Group are planning to build a 573-unit complex in the city.

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BurbankClarion Partners