Alexandria, VA-based AvalonBay Communities purchased the 400-unit apartment complex located at 350 South San Fernando Blvd. in Burbank, CA for more than $70 million. At the time of sale, the property was 95% leased and sold at a cap rate of 9.57%. Near Burbank's Civic Center, the property features one, two, and three-bedroom apartments with amenities such as central air conditioning, cable and satellite TV, fireplace, patio, pool, gym, and sauna. AvalonBay plans to renovate the interiors and common areas of the complex. Sean Deasy, Raymond Eldridge, and Christian Knowles of CB Richard Ellis represented the seller, Mayer Burbank LTD. and AvalonBay.