Reseda Development Project Acquired by Gelt
The initiative to revitalize the LA River is encouraging development in the area.
Reseda, Calif.–A multifamily development plot is Gelt’s latest acquisition in the San Fernando Valley. The developer now owns the parcel that’s entitled to house The Watermark, a development project that, when complete, will add 254 new apartment units. Gelt acquired the plot from Metric Holdings. The estimated value of the asset is somewhere between $85 million and $100 million.
The 2.5-acre lot is located at 6625 Reseda Blvd., offering proximity to the Providence Tarzana Medical Center and the LA River. The Watermark will be a five-story mixed-use building that will feature 13,500 square feet of self-storage space, as well as a 6,600-square-foot retail component. Construction will begin early next year, while opening is slated for 2019.
Parking at The Watermark will accommodate 422 vehicles, while its amenity package will also include a fitness center, a clubhouse, as well as a swimming pool and spa. The unit mix consists of 15 studios, 112 one-bedroom units, 114 two-bedroom units and 13 three-bedroom units, with sizes ranging between 566 and 1,219 square feet of space. In-unit features include crown molding, high-end cabinetry, vinyl flooring and brush nickel fixtures.
Designed by The Albert Group Architects, the asset will replace an auto-shop at the corner of Reseda Boulevard and Kittridge Street.
Rendering courtesy of The Albert Group Architects