Clarion and Cityview acquire Burbank, Calif., apartments for $161m

Clarion Partners and Cityview, a vertically-integrated multifamily investment management and development firm, has acquired Empire Landing, a unique, lush, garden-style apartment community composed of 276-units in Burbank, Calif. The sales price was $161 million; however, the seller was not disclosed.

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