The portfolio consists of a pair of three-story, 42-unit apartment buildings located two blocks apart.
Olive Avenue Apartments are located at 555-559 E. Olive Ave. and consist of 15 one-bedroom, one-bath units and 27 two-bedroom, two-bath units.
Park Verdugo Apartments at 321 S. Sixth St., has 12 one-bedroom, one-bath units and 30 two-bedroom, two-bath units.
NAI Capital Commercial Senior Vice Presidents Ziv Zozaski and Michael Dixon with NAI Capital’s Multifamily Services Group completed the sale, representing both the private trust sellers and buyer Smooth Operator LP.
“This attractive long-term investment was placed on the market by the original owner, for the first time in over 30 years,” Zozaski said. “This is the largest apartment sale transaction in Burbank so far this year – and the biggest in three years.”
Added Dixon: “The buyer was able to close on the portfolio in the middle of the COVID-19 shutdown, overcoming challenges in the mortgage market. The trustees were thrilled to cash out and receive their funds.”
Comparable area sales include the 30-unit 405 Ivy St. in Glendale, which sold in August for $9.46, or $315,250 per unit; and the 60-unit 221 N. Cedar St. in Glendale, which sold in February for $28 million, or $466,666.