Meta Housing Sells Burbank Senior Apartments for $31 Million

Meta Housing Corporation sold another senior housing development in the Los Angeles area.

The local affordable-housing developer sold the 141-unit Burbank Senior Artists’ Colony complex for $31.5 million, the Los Angeles Times reported. The price amounts to $223,400 per unit.

An L.A.-based private investor bought the 55-and-older community, at 240 East Verdugo Avenue in Burbank.

Residents at the complex have access to a performance stage, art studio and creative spaces, as well as a 24-hour business center, clubhouse, courtyard and media room. Designed for senior citizens with creative tendencies, the property was built in 2005 and includes one- and two-bedroom units with hardwood floors, air conditioning and handrails.

Forty-four of the units are income-restricted, and 97 rent at market-rate.

Last month, Meta Housing Corporation sold another mixed-income senior apartment complex in Orange County. The West Los Angeles-based firm sold the 240-unit Coventry Court community at 16000 Cambridge Street in Tustin for $83 million, or $345,833 per unit. Of the 240 units, 153 are classified as affordable, while the remaining 87 are market-rate. The complex opened in 2013 as part of Columbus Square, a joint venture from Lennar Homes and William Lyon Homes that has 1,075 residential units.

Affordable senior living has been cropping up in the Los Angeles area as the baby boomer generation ages.

In Glendale, EAH Housing has proposed the Parkview Glendale development, which will turn an assisted-living facility at 426 Piedmont Avenue and 507 Naranja Drive into 68 affordable studio and one-bedroom apartments for older residents.

Down in Orange County, Shopoff Realty has secured approvals to develop an 18-acre plot of land in Fountain Valley into Euclid + Heil, a community featuring 83 affordable units for senior citizens at 16300 Euclid Street. National CORE, one of the largest nonprofit affordable housing developers in the country, will fulfill the affordable senior portion of the development.

— Chris Malone Méndez