Tarzana investment and property management firm Gelt Inc. said it has bought land to develop more than 250 apartments in Reseda.
The company would not disclose what it paid for the 2.4 acres at 6625 Reseda Blvd. The property, which once held a Dodge dealership and has vacant buildings remaining that will be demolished, is already entitled for apartments, according to Gelt. The seller was Metric Holdings.
Gelt said it will build The Watermark apartments with 254 studios, one-, two- and three-bedroom units, 422 underground parking spaces, a fitness center, clubhouse, swimming pool and spa. The units will range between 566 square feet and more than 1,200 square feet with nine-foot ceilings, crown molding and vinyl flooring.
Gelt expects to start construction in early 2017 and finish by early 2019. Once completed, the company said it estimates the property will be worth between $85 million and $100 million.