Skyview Terrace Apartments in Burbank has sold for $15.5 million, or $442,857 a unit.
Located at 1301-1305 N. Hollywood Way, the 35-unit apartment building 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.
Greg Alexanian, senior vice president of the KW Commercial team Alexanian Apartment Advisors in Burbank, transacted the deal between two private parties. The property sold to an undisclosed family office.
Built in 2008, Skyview Terrace came onto the market for the first time from the original developer-owner. Skyview Terrace is one of the rare newer multifamily complexes to be listed amid many aging apartment buildings in the submarket.
Alexanian said that the sale of the Skyview Terrace Apartments also marks the largest multifamily trade during the past 11 months in Burbank. According to CoStar, Burbank had 18 multifamily sales transactions with total sales volume in excess of $44 million this year prior to the deal’s closing.