Lee & Associates-LA North/Ventura Transacts 30-Unit Multifamily Sale for $8.45MM
BURBANK, CA –Nov. 12, 2014 – Berzack Investment Property Advisors of Lee & Associates-LA North/Ventura transacted the sale of a 30-unit multifamily property at 1735 Peyton Ave. in Burbank for $8.45 million, according to Warren Berzack, a Lee rincipal who represented the buyer and seller of the property.
“This property has significant rental upside,” said Berzack, “and condominium conversion potential as well, giving an investor the opportunity to achieve an even greater return on investment by selling off the individual units down the road.”
Prices for condominium units in the Peyton Avenue zip code have been steadily increasing since 2011 and are most recently averaging $315 per square foot.
The property was constructed in 1988. It features a prime location close to Burbank’s Media District and Downtown as well as the Golden State (5) Freeway, high-end finishes in some units, patios and balconies and a superior unit mix of 2, 1 bedroom, 1 bath; 26 2 bedroom, 2 bath and 2, 3 bedroom, 2 bath units.
The buyer and seller are private investors who were in an upleg and downleg respectively of a 1031 Exchange.