Burbank Senior Artists’ Colony Sold for $31.5 Million

Northmarq’s Westlake Village investment sales team, led by Jim Fisher, Steven Goldstein, Vince Norris, Mike Smith and Tommy Yates, sold Burbank Senior Artists’ Colony, a 141-unit senior housing community located at 240 E. Verdugo Ave. in Burbank, for $31.5 million. The property is age-restricted to residents 55 years and older. 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, regional managing director at Northmarq, in a statement.

Burbank Senior Artists’ Colony includes 44 income-restricted units and 97 units at market-rate rent levels. It was built in 2005 and features one- and two-bedroom floor plans. Units include 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.

Information for this article was sourced from Northmarq.