BURBANK, CA—Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Empire Landing, a 276-unit multifamily community in Burbank. The terms of the sale were not disclosed.
Ron Harris, an IPA executive vice president investments, and Joseph Smolen, an IPA director, represented the seller, a joint venture between Casden Properties and PCCP. IPA also represented the buyer, TIAA-CREF.
“The Tri-Cities apartment market is one of the most desirable in Los Angeles County andEmpire Landing is the standard bearer for multifamily housing in the area,” says Harris. “Built in 2010, the property was the first new market-rate apartment asset developed in Burbank in more than 20 years.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
