Tag Archives: burbank real estate

New Apartments, Businesses Included in Olive Stations Project

With a new influx of multi-use buildings heading to Burbank, one that is making a splash is the Olive Station development. The site of the future building can be located at the southeast intersection of Olive Boulevard and Lake Avenue. The land is currently owned by the Cusumano Real Estate Group.

In total, the building will feature 327 studios, one bedroom, two bedroom, three bedroom, and four-bedroom apartments. The variety in apartments is meant to provide options in affordable housing to Burbank residents. Hired to design the building will be the award-winning architectural firm Newman Garrison + Partners.

When asked why the Cusumano Real Estate Group when with Newman Garrison + Partners, Michael Cusumano said:

“We conducted an exhaustive search of all of the best design firms in this region, and went as far as to engage five different firms to produce concept drawings for the site, before finally selecting the firm of Newman-Garrison (NG+P) to design the project. And NG+P hit it out of the park. As is evidenced by the design submitted, and their plethora of design awards, Newman-Garrison will bring a new, cutting edge design to Burbank, and set the standard for all future mixed-use projects in the City. (NG+P) has completed projects in Spain, India, Russia, and in the Caribbean, as well as California, where they have designed some of the most recognizable southern California buildings in recent years such as West Park at Civita, The Ellington, The Q East, and the Dylan.

Olive Station will be an architectural landmark as well as a really fantastic place to live. Our team also includes such acclaimed firms as EPT Design (landscape architecture), KGM Architectural Lighting, and John Labib + Associates (structural and civil engineering).”

The goal of this building is to offer a choice to millennials and families alike. Cusumano hopes potential residents will take notice to Olive Stations’ location, amenities, design, sustainability, lifestyle, Affordability.”



To entice potential residents, plans for the building also include a an array of common spaces, which include a game room, a bocce ball course, a resort-style pool and spa with cabanas, outdoor dining/BBQ areas, fire pits, retail stores, an outdoor movie theatre, a media center, terrace amenities, a club/lounge area with a private wine room, and a state-of-art fitness center. Located at the ground floor will be a commercial grocery store.

When asked how Olive Stations plans to combat the affordable housing problem in Burbank, Cusuamano said; “First of all, no one has ever built “live-work” loft units in Burbank, and there are almost no 3 and 4-bedroom units in Burbank. No one has ever built this type of a project in Burbank. The Co-Work spaces will also appeal to millennials as well. And this will be the first project in many years where the Developer is including rent restricted affordable units. And great access to employment, Downtown Burbank and Metrolink station. Families, millennials, boomers; everyone will be attracted to this project.”

Olive Stations is expected to be completed by the year 2021. You can find the full list of amenities and features, provided by the Cusumano Real Estate Group, down below:

  • Amenities:
    • Full concierge service
    • Resort style lap pool & spa
    • Huge common spaces with fire features
    • Seating and cabanas throughout courtyards
    • Outdoor kitchen and dining areas
    • BBQ kitchen and outdoor dining
    • Beautiful garden landscaping
    • Water features
    • Several large lounging areas
    • Private lounge with billiard tables, big screen TV’s
    • High speed internet and Wifi
    • Screening and media room
    • Private fitness club with state of the art equipment, with spin and yoga studio
    • Business center with conference room, computers and professional print/ scan/ copy/ fax stations
    • Dry-cleaning and laundry drop-off and pick-up services
    • Private spa facilities for sauna and massages
    • Zip-Car access
    • Wine storage facility
    • On-site ATM
    • Bicycle parking, storage and maintenance with bike shop
    • EV charging stations
    • Ample guest parking
    • Gated community with key fob access controls
    • Roof top deck and lounge with bar, big screen TV’s and fire features
    • Dog park
    • Solar water heating
    • Solar PV
    • Co-work space
    • Extra storage facilities
    • 24 Hour package pick up and drop off system
    • Highspeed Electric Elevators

Apartment Homes:

  • Features:
    • Gourmet stainless steel “Jenn-Air” kitchen appliances
    • AT&T U-Verse with fiber cable to the units and 1G internet speeds
    • Stone countertops
    • Designer cabinets
    • 9’-11’ ceilings
    • High efficiency “Whirlpool” washer and gas dryer in units
    • Large private balconies
    • Private yards (selected units)
    • Fireplaces (some units)
    • Oversized walk-in closets with custom shelving
    • Energy efficient dual glazed windows throughout
    • Upgraded finishes throughout
    • Low VOC carpets, paints, and adhesives

 

Burbank Airport Marriott Sold

AWH Partners, LLC, a privately held real estate investment, development and management firm, and joint venture partner, Starr Companies, a global insurance and investment organization, announce today the closing and acquisition of Los Angeles Marriott Burbank Airport. With this acquisition, AWH Partners pushes its firm past the half billion mark in hospitality investment over the past three years. AWH Partners will complete the remainder of a $13.5 million renovation of the hotel and convention center and Spire Hospitality will operate the property under a franchise agreement with Marriott Hotels (NASDAQ: MAR). With the addition of this hotel, Spire Hospitality now manages 4,865 rooms and more than 250,000 square feet of meeting space.

“Our strategy continues to be finding significant off-market and narrowly marketed value-add investment opportunities,” says Chad Cooley, principal of AWH Partners. “Having a presence in the Los Angeles market broadens our footprint, and the proximity to the growing Burbank airport enhances the business model created for this fantastic Marriott.”

Following the purchase of Los Angeles Marriott Burbank Airport, AWH Partners will complete the multimillion dollar renovation and explore potential additional development rights on the approximately 12 acre property.

“We spent three years looking for the right opportunity to enter into the L.A. and Southern California market,” says Jon Rosenfeld, principal of AWH Partners. “And our patience definitely paid off. The Burbank hotel is our first, full-service Marriott and we are proud to grow our relationship with the Marriott brand family.”

Los Angeles Marriott Burbank Airport offers an ideal balance of fresh functionality and environmentally friendly design in a convenient location. Nestled in the heart of Burbank, Calif., Los Angeles Marriott Burbank Airport is within close proximity to Burbank Bob Hope Airport (BUR), numerous production studios and entertainment headquarters, and popular California attractions including Universal Studios and downtown Los Angeles. The hotel presents a state-of-the-art fitness center, two outdoor pools, cabanas and fire pits. Daily Grill restaurant at Los Angeles Marriott Burbank Airport offers classic American food at breakfast, lunch and dinner.

Offering 50,000 square feet of deluxe meeting facilities, Los Angeles Marriott Burbank Airport caters to a wide range of meetings and special events with 22 breakout rooms, four VIP boardrooms and the latest in high-tech services all on one level. The recently renovated Academy Ballroom is fitting for large events with capacity to accommodate up to 2,240 people.

Burbank Real Estate Market Posts Dramatic Recovery

Burbank’s median home price increased over 19% from $475,000 in November 2012 to $567,000 in November 2013, according to Multiple Listing Service (MLS) information. That median home price has remained relatively flat over the past seven months, but the increases in price year over year in April and May hit highs of a 30% gain. Last month in November, there were 62 new homes for sale, including 15 condos and 47 single-family residences. Over 146 different Burbank homes in total, including properties on the market for some time, were available for sale in November, according to the MLS.

“As 2013 comes to an end, it is clear the Real Estate market in the Burbank area has had a dramatic recovery,” commented Eric Benz, Realtor with Dilbeck Real Estate. “It appears the market has found its current high mark. If the market remains true to past trends there will be an uptick in prices in the spring of 2014, and the California Association of Realtors (CAR) is expecting prices to have a modest 5-6% increase in 2014.”

Distressed home sales, including short sales, bank-owned (REO) or those in some sort of foreclosure, have decreased dramatically in just one year. While a year ago in November, Burbank had 19 distressed homes for sale, this year in November there were just six distressed properties for sale, all short sales and all with a median price of $615,300.

cargraphic2013

“Home price increases have played a major role in the reduction of distressed home sales,” added Benz. “With the recovery of the economy and the fact that many people who were in trouble have already taken advantage of short sales or have been foreclosed upon, we should see that number even lower a little more next year and return to a very standard number of distressed sales.”

The median price of a single-family residence in November 2013 was $607,150, while the average price for a condo was $425,000. Sixty-one residential properties sold in Burbank last month, including 58 standard sales and three short sales.

For the past several years, Burbank has continued to have a shortage of homes for sale. Properly priced homes usually sell with multiple offers, fueling concern among buyers trying to get into a home in Burbank. CAR predicts currently-rising interest rates to approach the low- to mid- 5% mark.

“Real Estate Agents and buyers alike are frustrated with this shortage and many sellers are reaping profits that a year ago, many of us thought would not have been possible for several years to come,” continued Benz. “Interest rates have finally started to rise and many buyers have been priced out of their dream of owning a home. Burbank is still one of the most desirable cities in L.A. County to live, work and raise a family and our home values will continue to rise over the foreseeable future.”