The Burbank Gardens Retirement Hotel, built in the mid-1980s, is undergoing renovations, thanks to its new owner VinCal Senior Housing, LLC. The Newport Beach-based senior housing operator recently acquired the eight-story, 115,000 sq. ft. property for $12.5 million in the city of Burbank, Calif.
"The buyer saw great potential in the location of this senior hotel, which is located across from the NBC Studios and down the street from St. Joseph Medical Center. The area is currently experiencing a surge of new development," says George Stavaris, vice president of Colliers International's Encino office, who represented the buyer.
The new facility will be a state-of-the-art assisted living and Alzheimer's care community and is slated for completion in 2008. Residents will be provided with premier hotel and health care services monthly.