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