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6/23/16
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LA-based Gelt Inc has acquired an entitled 2.4-acre land parcel in Reseda for the development of The Watermark, a 254-unit apartment community. Located at 6625 Reseda Blvd, north of Victory Blvd, the project is slated to include 6.6k sf of retail space and 13.5k sf of self-storage space.
Construction is anticipated to begin in early 2017 with completion expected in early 2019. Once completed, the value of the asset is estimated to be between $85 mil to $100 mil. The seller was Metric Holdings.
Offering views of the LA River, The Watermark will include five stories as well as two levels of underground parking totaling 422 spaces. The development will feature a fitness center; clubhouse with a community room; and a swimming pool and spa.
The unit mix will include 15 studios, 112 one-bedroom units, 114 two-bedroom units, and 13 three-bedroom units, ranging in size from 566 sf to 1.2k sf. The unit interiors will offer nine-foot ceilings, crown molding, high-end cabinetry, vinyl flooring, and brush nickel fixtures.
The property is just 1.7 miles from the Providence Tarzana Medical Center, which recently announced a $624 mil upgrade and expansion that will ultimately create an additional 1,000 jobs.
“There is certainly a lack of multifamily developments throughout the Los Angeles region,” noted Keith Wasserman, partner with Gelt, Inc. “Gelt will be seeking other key infill locations for development opportunities over the next 12 to 24 months as we see the demand continuing to grow even stronger well into the future.”
Located within the San Fernando Valley, the community of Reseda spans near six square miles and has a population of more than 37,000 people with an average age of 37. Additionally, more than half of the population rents versus owns. The San Fernando Valley is situated about 12 miles northwest of Downtown Los Angeles and is home to more than 86,000 businesses and 680,000 jobs.
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