Former Burbank condo project sold as apartments

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A recent Burbank condominium development where the units were never sold will be converted to apartments by its new owner.

Raintree Partners, a Laguna Niguel real estate investment and development company, paid $14 million for Taiko Village, a 43-unit condo complex at 1601 Scott Road that was built in 2009 but never opened.

“We will complete the small amount of finish work that remains at the property, obtain the certificate of occupancy and then rent the units out as apartments,” said Jeff Allen, chief executive of Raintree.

Taiko Village consists of three buildings on 1.12 acres, with a mix of townhouses and one-, two- and three-bedroom flats.

The acquisition brings Raintree’s holdings in California to 12 apartment complexes with more than 1,800 units, Allen said.

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