A 100-unit apartment complex in Reseda has sold for $15.5 million to Lion Real Estate Group LLC of Los Angeles. The 74,500-square-foot Park Sienna Apartments is located on 1.7 acres at 6425 Reseda Blvd., at the corner of Reseda and Victory, directly across from Reseda Park.
The seller was Brentwood investor group Benedict Canyon Equities, said Michael Koshet, a broker with Partners Trust Commercial Real Estate in Beverly Hills. He handled both sides of the transaction in his previous role as a Remax Commercial broker. The roughly $155,000 per unit sale price was “an amazing deal” in a market where sales prices are currently between $180,000 and $200,000 per unit, Koshet said.
Park Sienna was built in 1969 and remodeled in 2000. It is comprised of studio, one- and two-bedroom units, a portion of which have been upgraded with finishes such as hardwood-style flooring and new cabinets and appliances. The buyers will continue improving the units, Koshet said, and will complete some minor deferred maintenance on the property, which includes a pool, barbeque area and 24-hour gym.
As a large, multifamily property in good condition and with a desirable location on the Orange Line busway, the apartment complex was a rare find for Lion Real Estate, which is strengthening its footprint in the San Fernando Valley, Koshet said.
The buyer and seller negotiated privately for six months before the property finally closed as an off-market transaction. The purchase was completed with the buyer assuming a $10 million loan provided by Fannie Mae that extends through 2017.