$15.5 Million For Burbank Residential

When Skyview Terrace Apartments sold last month in Burbank for $15.5 million, or $442,860 per unit, this deal signaled more than just another residential complex sale. 

According to Greg Alexanian, senior vice president of the KW Commercial team Alexanian Apartment Advisors in Burbank, Skyview Terrace is one of the rare newer multifamily complexes amid many aging buildings in the submarket to be listed. 

Located at 1301-1305 N. Hollywood Way, the 35-unit apartment building, which was built in 2008, came onto the market for the first time from the original developer-owner.  

Alexanian, who transacted the deal between the undisclosed private seller and buyer, also said that the sale of the Skyview Terrace Apartments marks the largest multifamily trade during the past 11 months in Burbank’s supply-constrained submarket. According to CoStar Group, Burbank had 18 multifamily sales transactions with total sales volume in excess of $44 million this year prior to the closing. 

Skyview Terrace Apartments gets its name from one of its prime amenities — a large rooftop deck. The property consists of one- and two-bedroom floor plans totaling 34,290 square feet and a two-level subterranean parking structure.  

Alexanian threw a private cocktail and catered tour event to showcase the site to potential investors, which resulted in multiple responses. A local family office emerged as the buyer after presenting the owner “with a very compelling offer with strong terms and full price,” Alexanian said. 

Burbank continues to attract investor capital as the de facto center of Hollywood. Coupled with its proximity to Glendale, Hollywood, Sun Valley and downtown Los Angeles, the submarket’s entertainment content creation industry needs office, industrial and residential. 

Warner Bros. Entertainment is currently reconfiguring and updating its lot with its Second Century Project, which will add office and studio space to the market in 2023.  

Meanwhile, developers are building new soundstages in the area. “American Idol” producer Fremantle recently signed a 12-year lease for a 43,000-square-foot at the upcoming Reframe Studios near Glendale in Atwater Village. And Hudson Pacific and Blackstone are building the $200 million Sunset Glenoaks Studios in Sun Valley that will come online in late 2023.