Despite being the hub of entertainment studios like Walt Disney and Warner Bros., Burbank lacks new Class A multifamily offerings and for years lost residents to many of its neighboring communities in Glendale, Pasadena and Hollywood – which had offerings that were more appealing to those in the arts and entertainment industry. Cityview and Clarion Partners took the opportunity to transform Burbank’s Empire Landing, which was built in 2012, into Atrio through a combination of interior and exterior renovations that launched the asset to the forefront of design and technology while catering to the demographic of the surrounding entertainment studios.
The property refresh, which features carefully curated amenities including a state-of-the-art screening room, offers premier technology for the discerning entertainment studio demographic that allows residents to kick back in a comfy chair or beanbag and watch something on the big screen, or host a private screening event for family and friends. This amenity was successful in helping the community reach its target demographic. Post-renovation, 46% of tenants are in the arts and entertainment industry, a 10% increase.
The newly renovated property features thoughtfully designed interior spaces with unique, timeless finishes that stand out. The updated units feature large open floor plans that offer stainless steel appliances, smart home thermostats, USB charging outlets, Calcutta Quartz countertops with a cascading waterfall edge, brushed gold and matte black accessories in the kitchen and bathroom, central AC and heat, gas fireplaces, large walk-in closets, luxury faux wood plank flooring, soft-close dual-tone maple wood cabinetry and in-unit wash and dryers.
The renovation features a refreshed resort-style pool and spa, a full redesign of the clubhouse and community lounge that includes the addition of an entertainment kitchen, a new outdoor lounge and an upgraded fitness center with the latest equipment.
A new exterior paint scheme of green, white and grey is inspired by the updated landscaping – which features lush gardens and mature palm trees that wind through the community. Additional improvements include new fixtures and décor, bike racks, and updated hallway lighting and flooring.
Sustainability was a high priority for this renovation. ESG improvements include Energy Star Certification, the installation of 40 EV chargers (which are net income producing after costs), an LED retrofit for interior and exterior lighting, drought tolerant landscaping and ground cover in select areas all should contribute the property’s sustainability while reducing operating costs. The team is also investigating solar to offset common area electric costs.
Residents responded extremely well to the community’s many improvements and refreshed brand. Atrio boasts an 85% retention rate, and the community achieved a 22% higher ROI than pre-renovation rent by creating higher valued offerings for residents. The renovated community was also able to improve staff efficiency while maintaining high leasing value.