Lakeside Apartments purchased by partnership for $38 million.BURBANK - A partnership including Burbank-based apartment developer/manager Anchor Pacifica International and Dallas-based Olympus Real Estate Fund has purchased the 750-unit Lakeside Apartments community for about $38 million, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. industry sources. The transaction teams local real estate expertise with opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. investment capital. It closed three years after institutional investment adviser RCB RCB Robinson College of Business RCB Reinforced Concrete Box RCB Right Cornerback (football) RCB Regional Certifying Body (Australia immigration) RCB Regular Commissions Board (UK) Trust Co. put the property on the market. The deal also represents the latest vote of confidence in real estate boosted by continued entertainment/media-sector employment growth in and around Burbank's thriving thrive intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives 1. To make steady progress; prosper. 2. Media District. The "garden" style 15.5-acre Lakeside community - developed in two phases in the early and late 1960s - is located in the heart of the Media District at 401 N. Pass Ave. It's just a few blocks from the Warner, NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , Disney and Universal studio lots. RCB had purchased Lakeside's 20 apartment buildings and other improvements in 1986 in a multi-property acquisition. Then about four years ago, the fund also purchased the underlying land - which had once included a lake and been the setting for Tarzan movies. Local expertise Anchor Pacifica took over property management responsibilities at Lakeside about a year and a half ago, noted Craig Stevens Craig Stevens is the name of several people including:
Stevens, who headed the team handling the Lakeside sales effort for much of the last three years, added that Anchor Pacifica - headed by Steve Botsford and David Hotchkin - owns and manages another 500-some units the firm developed primarily in the 1980s in the Burbank vicinity. Anchor Pacific also manages an additional 2,000-some residential units and more than 1 million square feet of commercial/industrial facilities. Sources said the Lakeside acquisition represents the first venture between Anchor Pacifica and the Olympus fund, which is affiliated with Dallas' Hicks Hicks , Edward 1780-1849. American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. Muse Tate & Furst investment operation. Local entertainment figures also invested into Lakeside, Stevens noted. The purchase transaction included cash and assumption of mortgage debt from four institutions, which title records identify as Home Savings of America, Hawthorne Savings, CenFed Bank and Downey Savings & Loan. Another source familiar with the transaction said the buyers assumed about $31 million in outstanding mortgage debt. Lakeside includes studio and one- and two-bedroom apartments renting for $575 to $850. The complex is currently 94 percent occupied. Other real estate professionals that helped facilitate the sale include Lee's Brian Fagan and Lisa Gwin, plus CB Commercial Real Estate Group Inc.'s Sean Deasy and Perky perk·y adj. perk·i·er, perk·i·est 1. Having a buoyant or self-confident air; briskly cheerful. 2. Jaunty; sprightly. perk Apperson. |
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