Press Release

Apartment Income Investors Announces the Acquisition of Burbank Boulevard Apartments in Tarzana, CA

Los Angeles, California | December 11, 2020

Burbank Boulevard Apartments
Street View: Burbank Boulevard Apartments, Tarzana, California.

Apartment Income Investors (Aii) is pleased to announce the acquisition of Burbank Boulevard Apartments, an 11-unit multifamily property in Tarzana, California. Aii acquired Burbank Boulevard Apartments in December 2020 in an off-market transaction sourced through an existing broker relationship. The property was purchased below market value based on the seller's desire for a quick transaction.

The Property is located a block north of Ventura Boulevard, which is the main commercial artery in Tarzana, California. It was originally built in 1988 and has a secure parking garage on the bottom level, with two stories of residential units over. The unit mix is very desirable, with 10 units of 2-bedroom and 2-baths, and one unit of 1-plus-1. A rooftop deck, large walk-in closets, and oversized living spaces make the property a desirable choice for professionals and young families to work from home and live with space in city environs. Tarzana and the San Fernando Valley enjoy many diverse economic drivers and job opportunities; it is a highly desirable neighborhood to call home.

The property was managed by a husband/wife team for the past 20 years. At the time of acquisition, the collected rents were 33% below the prevailing market rate for similar apartments. Market rates may decline in the short-term due to pandemic and lockdown pressure on economic activity; economists are predicting a possible 5-10% decline. This still leaves room for rent increases in the near future. We expect to achieve the 33% increase-to-market over a 5-year period, a conservative view to future expectations.

This asset is being acquired at a price that will generate current cash-on-cash returns and provide for long-term appreciation and a return on investment for years to come. It is a well located and desirable property with a clear path to improved rental operations.

Aii's business plan envisions property improvements including new common area flooring, landscaping, exterior painting, upgraded interiors at vacancy, and installation of a new roof. It is a non-rent-controlled apartment complex and the market value is expected to rise as the property is professionally managed and leased.

Michael Chesser, Founder and President of Aii, said, "Burbank is the type of property that will be in high demand for professionals that prefer to work at home or socially distance. Living is enhanced with large gathering areas and bedrooms are complemented with en-suite bathrooms and walk-in closets. These units will be popular as we prepare for the 'new normal' after the pandemic. This property has a high Walk Score of 94, due to the proximity to Ventura Boulevard, a main artery for commercial businesses, restaurants and other lifestyle amenities. Tenants will be proud to come home to Burbank Boulevard Apartments."

About Apartment Income Investors
Founded in 1994, Apartment Income Investors (Aii) has a proven track record of buying underperforming Class B multifamily and commercial properties and implementing renovation and repositioning strategies to improve operations and substantially increase the value of each property. This strategy has proven successful through several real estate cycles with above-average returns to investors. The company's goal is to transform homes, lives and communities while delivering superior investment returns.

For more information, please visit or contact Michael Chesser at 805.604.2644 |

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