Northmarq‘s Westlake Village Investment Sales team led by Jim Fisher, Steven Goldstein, Vince Norris, Mike Smith and Tommy Yates successfully completed the $31.5 million sale of Burbank Senior Artists’ Colony, a 141-unit senior housing community located at 240 E. Verdugo Avenue in Burbank, California.
Northmarq represented both the seller, Meta Housing Corp, and the buyer, a Los Angeles-based private investor.
“Burbank Senior Artists’ Colony has been a pioneer in redefining active senior living. This property, featuring a performance stage, art studio, and various creative spaces, honors Burbank’s rich ties to the art and film sectors. We extend our sincere gratitude to our seller, Meta Housing, and our buyer, who will continue to uphold the legacy of this distinctive community,” said Fisher.
Burbank Senior Artists’ Colony has been honored with numerous building awards and has received international press. 44 of the units are income restricted, per the regulatory agreements, allowing for a 30% tax abatement with the remaining 97 units at market-rate rent levels.
Built in 2005, Burbank Senior Artists’ Colony is a five-story senior housing featuring one- and two- bedroom floorplans. Units include spacious kitchens with washer/dryer, hardwood floors, high speed internet access, air conditioning and handrails.
Community amenities include 24-hour access to a business center, clubhouse, courtyard, media room and art studio. Residents are encouraged to enjoy these amenities as the property comes with easy wheelchair accessibility and air conditioning throughout the building.
Located in the vibrant neighborhood of downtown Burbank, Senior Artists’ Colony is within walking distance of over 600 shops, restaurants and businesses — residents and visitors alike have plenty of options to explore.
