The Ron Harris Group,as the exclusive advisor to the seller, is pleased to present the opportunity to acquire Citra Apartment Homes, a pristine 34-unit apartment community located in the heart of Burbank, California. This boutique, luxury community is proximate to some of the region' s largest and well-known employers and offers residents a dynamic live-work-play urban environment, with immediate access to the area' s top restaurants, world class shopping, and premier entertainment venues. Originally built in 1958 and partially renovated in 2015-2016, Citra Apartment Homes is a two story multifamily building situated on approximately 0.43 acres in Burbank. The property has a total area of 20,768 square feet and offers residents a boutique, luxury urban renter experience in a garden style community that boasts an excellent unit mix. Consisting of nine (9) studio apartments averaging 385 SF, twenty (20) one-bedroom/one-bath apartment homes averaging 528 SF, one (1) expansive one-bedroom townhome at 995 SF, and four (4) two-bedroom/ one-bath apartment homes averaging 680 SF, these homes offer the perfect combination of both style and comfort.
Citra Apartment Homes is located in Burbank, California, one of the strongest and most stable submarkets in Los Angeles County. With a median home price in the 91501 zip code of $867,500, there is a distinct affordability gap of $2,279 between the monthly housing payment on a median priced home and the average asking rents in the area. This significant gap serves as a constant occupancy driver for apartment communities in Burbank, as most residents cannot afford to buy a home.
Burbank is home to some of the world' s most established media and entertainment companies including Warner Bros. Entertainment, Inc. (5,000 employees) and The Walt Disney Company (3,900 employees). A dazzling range of urban lifestyle options make Burbank a popular destination for many local firms, particularly within the technology and entertainment sectors, are characterized by desirable, high-wage jobs particularly well structured for Gen Y/Millennials.
