BURBANK, CA—Empire Landing, a 276-unit multifamily community in Burbank, Calif., has sold to TIAA-CREF. The seller wasa joint venture between Casden Properties and PCCP. The terms of the deal were not disclosed.
Brokers with Institutional Property Advisors, a division of Marcus & Millichap, arranged the transaction. Ron Harris, executive vice president investments, and Joseph Smolen, director, represented both the buyer and the seller.
“High governmental barriers to entry and a lack of available land keep new construction in Burbank to a minimum,” Smolen said, in a statement. “The rarity of new assets in the area and Empire Landing’s proximity to an abundance of cultural amenities and major employers make it one of Los Angeles County’s marquis apartment properties.”
Located between Interstate 5 and State Route 134, Empire Landing is well situated between cultural points of interest and major employers. The 276 units feature limestone-finished gas fireplaces, gourmet kitchens with custom decorative countertops, pre-wiring for technology and private patios. Other property amenities include a 5,500-sq.-ft. private clubhouse, lounge, fitness center, outdoor pool and sundeck.