Scott Road Terrace Apartments, a 33-unit multifamily property in Burbank, sold for $10.9 million, according to brokerage Marcus & Millichap Inc. in Calabasas.
Kevin Green, Joe Grabiec and Paul Darrow with THG Multifamily Advisors, a division of Marcus & Millichap, had the listing to market the property on behalf of the seller, Starpoint Properties. The trio also procured the buyer, a private investor in Los Angeles.
Located at 1720 Scott Road, the Burbank apartment complex was built in 1988 and totals 24,078 square feet. According to CoStar Group, Paul Daneshrad had purchased the property in February 2018 and is listed as the seller.
“This asset presented a rare opportunity to acquire a sizeable footprint with a compelling value-add component in Burbank: an infill and highly sought-after city,” Green said.