$5.17M
328 E Providencia Ave, Burbank
Sale Price
$5.17M
Units
11
Price/Unit
$470,455
Cap Rate
4.06%
Type
Apartment Building
Closed
June 2023
35 Units | Burbank | Record Sale
& Buyer/Seller Overview
3. LAAA Milestone: $1 Billion in Apartment Sales
4. Higher Interest Rates Affect on the Market
328 E Providencia: Sold for $5,175,000
$470,455/Unit | $425.93/SqFt
4.48% CAP | 14.72 GRM
336-342 E Providencia: Sold for $7,050,000
$293,750/Unit | $505.38/SqFt
4.93% CAP | 13.61 GRM
Our
328, 336, 342 E Providencia Ave
Burbank, CA 91502
Transaction Overview
The LAAA Team of Marcus & Millichap is pleased to announce this 2-property portfolio closing at 328 E Providencia Ave and 336-342 E Providencia Ave in Burbank, CA, which sold for a combined purchase price of $12,225,000.
1. Record Sale in Burbank
According to CoStar, this portfolio's sale price of $12,225,000 is the largest multifamily sale in the city of Burbank in almost 2 years! Additionally, this is the 4th highest multifamily sale price in Burbank in the past 5 years!
Here are ALL the multifamily sales that broke $10 Million in the trailing 5 years.
2. Deal Story & Buyer/Seller Overview
The portfolio was purchased by a single buyer, and both escrows concluded on the same day. However, it's important to note that there were two distinct escrows involving separate loan assumptions and different purchase prices. Despite this, a single contract was executed by buyer and seller to govern both escrows.
The properties were sold with deferred maintenance, estimated at over $250,000 in total, and when we closed there were 6 vacant units spread between the three adjacent properties. The buyer will be responsible for all deferred maintenance costs as well as leasing out the vacant units after close of escrow.
The buyer is a local investor and a repeat customer, having purchased past listings of ours. The first listing that he bought from us was a 2 property, 20-unit portfolio in Sherman Oaks back in 2020, and that was his first ever investment into apartments. Now, he owns 65 apartment units between 6 different buildings, 5 of which we have represented him on the purchase for. All of his properties are in prime locations throughout LA County, and he is looking to buy more.
The sellers are also repeat...