By Roxana Baiceanu
Michael Koshet, a specialist in off-market multifamily transactions with KW Commercial, has arranged the sale of The Village at Toluca Lake on behalf of Cusumano Real Estate Group. San Mateo, Calif.-based Essex Property Trust Inc., also represented by Koshet, acquired the 146-unit community for $59 million.
Located at 211 and 235 N. Valley St. in Burbank, Calif., The Village of Toluca Lake consists of two buildings completed in 1974 and 1987, according to Yardi Matrix data. The community offers a mix of studio, one- and two-bedroom layouts, a fitness center, clubhouse, swimming pool, two spas and a fully covered parking lot accommodating up to 221 vehicles. The nearby area is home to the Warner Bros. Studios, Universal Studios and the Los Angeles Zoo, among other entertainment destinations and local attractions.
Burbank’s development potential
“Buyers see the potential in the Los Angeles market and especially in the San Fernando Valley with healthy rent and job growth year after year, giving renters more bang for their buck and investors better returns on their investments,” said Koshet in a prepared statement.
In October, Cusumano announced that it had tapped Newman Garrison + Partners to design Olive Stations, the first multifamily transit-oriented development located in the city’s industrial area and one of the first communities to be built in Burbank in over fifteen years.
Image via Google Street View
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