A local family office has acquired the trophy multifamily community Skyview Terrace Apartments in Burbank for $15.5 million. The transaction is the largest apartment deal in the market in the last 11 months and it is the newest apartment building to trade hands in the last five years.

Skyview Terrace Apartments is a boutique 34,000-square-foot, 35-unit property with a mix of one- and two-bedroom apartment homes. It features one of the largest rooftop decks in the Burbank market. The property was built in 2008, and this deal marks the first time that it has traded hands.

The brokerage team representing the seller held a private cocktail reception for qualified investors, and an offer emerged from the event. While a local family office, the buyer was of institutional quality in their performance and offer.