BURBANK, CA-Pacific Property Co. of Palo Alto, CA, one of California's most active value-added apartment investors, has sold the Park Place Apartments to RW Selby & Co., a West Los Angeles-based buyer and developer of upscale apartment complexes.

The buyer paid close to $12.5 million for the property, according to Karoline Sauls and David Casper of the West Los Angeles office of Phoenix-based Hendricks & Partners. Sauls represented the seller and Casper represented the buyer.

The 82-unit, class A property is at 355 N. Maple St., a prime location near the Warner Bros. Ranch lot and NBC Studios in the Burbank Media District. The deal closed at a 6.4% cap rate at the current actual rents at the complex, Casper says, but the property would generate an 8.04% cap rate at market rates. Actual rents, which are more than 20% below market rents, average $1,043 per month, compared with a market average of $1,313.