AvalonBay buys Burbank apartments SOUTH SAN...

AvalonBay buys Burbank apartments

SOUTH SAN FERNANDO DISTRICT -- AvalonBay Communities Inc. has

purchased The Promenade in Burbank, a 400-unit luxury apartment home

community at 350 S. San Fernando Blvd.

Woodland Hills-based PMG Inc. sold the 15-year-old property to

AvalonBay for $70.3 million, including $33.9 million in low-floater

tax-exempt financing.

AvalonBay, based in Alexandria, Va., owns 6,217 luxury apartment

homes in 19 communities of San Diego, Orange and Los Angeles

counties. The company will modernize and renovate the Promenade’s

interiors and common areas. The Promenade includes one-, two- and

three-bedroom apartments in two- and three-story buildings with

subterranean parking. Rents range $1,350 to $2,050 per month.

Karen S. Kim