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5/17/18
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Xenon Investment Corp. / Mehta Family paid $11.25 mil for a 52-unit ($216k/unit) apartment complex in Tarzana. The property, Reseda Gardens, is located at 6251-6267 Reseda Blvd, just south of Victory Blvd.
Built in 1960, the property is comprised of one-, two- and three-bedroom apartment units. The site sits in proximity to the 101 freeway, Ventura Blvd and local grocery stores such as Whole Foods, Gelson’s Market and Vons.
Laurie Lustig-Bower and Kadie Presley Wilson with CBRE represented the buyer and the seller, a private investor, in the deal. The value-add investment, which had been owned by the same family for more than 20 years, received 18 offers.
“The property’s location was a big draw,” said Lustig-Bower. “We were able to generate almost twenty offers, which allowed the seller to receive a great winning bid. Due to the current strong market conditions, this deal received a lot of attention.”
Demand for housing in the region continues to be strong. Apartment vacancy in the Greater Los Angeles region is expected to remain stable throughout 2018 while rents are likely to continue to increase at a moderate pace, according to CBRE research.
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