Extensive Capital Improvements Planned – One of Only Two Apartments Built in Last 20 Years in Burbank
Exterior shot of Empire Landing which features traditional one- and two-bedroom apartments, as well as 41 three-story townhomes with two-car direct access garages
LOS ANGELES, Nov. 10, 2021 (GLOBE NEWSWIRE) — Clarion Partners and Cityview, a vertically-integrated multifamily investment management and development firm, today announced the joint acquisition of Empire Landing, a unique, lush, garden-style apartment community composed of 276-units in Burbank, CA. Empire Landing features traditional one- and two-bedroom apartments, as well as 41 three-story townhomes with two-car direct access garages. This is the only rental community in supply-constrained Burbank to offer townhome residences larger than 1,500 square feet.
Clarion and Cityview are planning a comprehensive renovation of the common areas, amenities, and interiors. The expansive gated community features ample indoor and outdoor amenities which will be re-envisioned with an updated design, revamped leasing experience, and renewed functionality of shared amenities, including the pool deck, fitness center, and clubhouse. In-unit renovations will include an updated design and high-end finishes and appliances.
“Empire Landing is centrally located where urban and suburban environments converge in one of the most job-rich, high-growth economic areas of Southern California, often referred to as the ‘media capital of the world’,” said Devang Shah, managing director, Cityview. “Modernizing this community will deliver Class-A style and amenities to a city demonstrating high demand for quality rental housing.”
Located in historically one of the strongest performing submarkets of Los Angeles, Empire Landing is situated among 10 million square feet of office space within a ten-mile radius, roughly 70% of which are Class A and largely media companies – including 16 animation studios, 15 television and broadcasting networks, eight record labels and 10 motion picture studios. With media and tech giants continuing to enter and expand their footprints in the community, and Hollywood and downtown within a 30-minute drive, residents have access to some of the most marquee employers in the country. Conveniently located minutes from vibrant Downtown Burbank and more than two million square feet of retail space, residents have the best of both urban and suburban environments.
“We are excited to partner with Cityview who will bring a wealth of value-add experience to re-envision the property while delivering outstanding tenant satisfaction,” said Robert Wilshusen, vice president, Clarion Partners.
Empire Landing is Cityview’s 20th value-add acquisition in the Los Angeles area in the past three years.
Founded in 2003, Cityview is a premier real estate investment management and development firm dedicated to redefining 21st century living. Focused on developing, acquiring, and operating value-add multifamily and mixed-use projects in high-growth markets in the Western US, Cityview connects the comforts of home with the energy of city life. Cityview investments have generated more than $4 billion in urban investment across more than 100 projects to date. For more information, visit cityview.com.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 39 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With more than $63 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 500 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a3a7f5f2-1285-41ee-87cb-c90797aee1e1