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AvalonBay Pays $70M for Burbank Complex

BURBANK, CA-Purchase is one of two in high-barrier markets in California and Connecticut.

By Bob Howard | Updated on June 26, 2002

BURBANK, CA-AvalonBay Communities Inc. bought the 400-unit Promenade apartment complex in Burbank for $70.3 million. It was one of two purchases in what the company describes as high-barrier markets. The other was a $69.9 million transaction in Stamford, Conn.

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.

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