Cameron Brock Acquires Burbank Multifamily Portfolio For $12.2M

The multifamily property located at 328, 336, 342 E Providencia Avenue in Burbank has been sold for $12,225,000. The property consists of 35 units with an average price per unit of $349,286. The total square footage is 26,100, with an average price per square foot of $468.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $12,225,000
• Units: 35
• Price Per Unit: $349,286
• Square Footage: 26,100
• Price Per Square Foot: $468
• Address: 328, 336, 342 E Providencia Avenue
• Market: Burbank

The buyer of the property is Cameron Brock, while the sellers are Frank Moll and Evan Levi. The deal was facilitated by Filip Niculete and Glen Scher from Marcus & Millichap.

In addition to the sale, it is worth noting that this transaction contributes to a significant milestone for LAAA, as it surpasses $1 billion in apartment sales. The sale of 328 E Providencia resulted in a price of $5,175,000, with a price per unit of $470,455 and a price per square foot of $425.93. The property had a 4.48% capitalization rate and a 14.72 gross rent multiplier.

The properties located at 336-342 E Providencia were sold for $7,050,000, with a price per unit of $293,750 and a price per square foot of $505.38. These properties had a 4.93% capitalization rate and a 13.61 gross rent multiplier.

This sale sets a new record for the highest apartment building sale in the city of Burbank. It also represents the highest sale price in the past two years and the overall highest price in the last five years. Additionally, both the buyer and seller have a history of doing business with each other, with the buyer having purchased five buildings from the seller and the seller having been involved in nine deals together, both buying and selling. This transaction contributes to the closing of over $1 billion in multifamily sales volume.