Cedar Apartments
311 E. Cedar Avenue - Burbank, CA

This acquisition illustrates our concentration strategy: multiple properties in a targeted market area. We have previously noted that the Los Angeles apartment market is composed of ‘small unit count’ apartments—the vast majority fall in the twenty to forty range. In turn, we have elected to cluster acquisitions in attractive sub markets in order to achieve managerial economies, and to leverage our knowledge of market rents. 311 East Cedar will pair with The Palms Apartments, a Greens at Inverness Partners asset, just two blocks away on East Providencia. The Palms was acquired in mid 1999, and has been an outstanding performer. Our operating experience there gives us intimate familiarity with this exceptionally attractive market.

Burbank’s appeal as a superior location is based on several factors, beginning with the City’s premiere employers. While elements of the entertainment industry have elected to move further west to Santa Monica and Venice, Bubank remains the headquarters location for the Walt Disney Company, Warner Brother Studios, a recent Dreamworks facility, and several major television networks. Nearly everything the public associates with Hollywood is actually located in Burbank. Burbank is the center of the entertainment business. Their well-compensated employees opt for, and are able to afford, upscale apartment living. Last, Burbank is one of the few municipalities that is completely exempt from Los Angeles Rent Control.

In addition to immediate proximity to the work place, Burbank offers a very pleasant life style. Situated at the base of the Verdugo Foothills, it combines a small community ‘feel’ with the amenities of a much larger city. Like Providencia, the Cedar Apartments is in the highly regarded “above San Fernando Boulevard” locale and is surrounded primarily by single-family homes. Cedar is a two-story structure built over one level of below grade and tuck-under parking. All apartments feature fireplaces, dishwashers, central air conditioning, and balconies. The units themselves are generously sized, and in excellent condition. The same maintenance quality is apparent at the building’s exterior. The Cedar Apartments rate out at “A” with respect to both property and location.