AvalonBay's Burbank acquisition includes $33.9 million of tax-exempt financing. The company says it can boost the value of the three-story, woodframe complex through renovations and improved management. Built in 1988, it contains a mix of one-, two-, and three-bedroom units.

The Alexandria, Va.-based REIT says it was attracted to the Promenade by its proximity to downtown Los Angeles, which is about 12 miles away. It also is conveniently location within walking distance of downtown Burbank, which is undergoing a revitalization. In addition, apartment complexes throughout Southern California are considered a good bet because demand for apartments remains high, but little land is available on which to build new complexes.