1/27/2009

Non-profit acquires Burbank apartments for $7.26M

by
The Burbank Housing Corp., a non-profit group, has purchased the Verdugo Gardens apartments in Burbank, Calif., for $7.26 million from Los Angeles-based Jamco Holdings Corp.

Kevin Lutz and Kevin W. Hurley of Hendricks & Partners' Pasadena office represented the seller in the deal, which was financed by the City of Burbank with an affordable housing restriction.

The multi-family complex is located at 275 W. Verdugo Ave. and sold for $213,603 per unit. Built in 1985, it contains 34 units and sold with a 4.65 percent capitalization. The property is comprised of two- and three-bedroom apartments.

Address: 275 W. Verdugo Ave., Burbank, Calif.

Size: 34 units

Built: 1985

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Filed Under: Multi-Family

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