TIAA-CREF's Tri-Cities Deal
TIAA-CREF snapped up the 276-unit Empire Landing apartment complex in Burbank from a JV between Casden Properties and PCCP. The community (1901 N Buena Vista St) was built in 2010 and is 95% occupied, Marcus & Millichap EVP Ron Harris told us this morning. He and director Joe Smolen repped both sides. (Self-handshaking is harder than it sounds.) The submarket's one of the most desirable in LA County, and Ron says Empire Landing was the first new institutional-sized building to be constructed in Burbank in 23 years. The complex sits in the thick of the media and entertainment industry, with Disney, CBS, and ABC Family nearby.