A 30-unit apartment building in Burbank has traded hands for about $8.5 million.
Peyton Place at 1735 Peyton Ave. was purchased by a private investor from 3D Investments in Los Angeles.
The property was constructed in 1988 and is located near the Burbank Media District and downtown. The complex is a mix of one-, two- and three-bedroom units.
“This property has significant rental upside, and condominium conversion potential as well, giving an investor the opportunity to achieve an even greater return on investment by selling off the individual units down the road.” said Warren Berzack of Berzack Investment Property Advisors of Lee & Associates-LA North/Ventura, who represented the both sides.
Lee Principals George Yessaie and Stephen Geiger also represented the seller.