A pair of apartment buildings at 5919 and 5931 Reseda Blvd. in Tarzana totaling 112 units has sold for $25.8 million.
Michael Koshet of KW Commercial in Encino represented the buyer and seller in the transaction. According to CoStar Group, PCS Corp. purchased the units from Lion Real Estate Group. Both are based in Los Angeles.
Built in 1964, the 50-unit Terraces II at 5919 Reseda Blvd. spans 26,606 square feet and scales two floors.
Built in 1970, the Terraces, at 5931 Reseda Blvd., boasts 62 apartments and also stands two stories high.
According to Koshet, the buyer assumed an existing loan for $14.7 million from Chase Bank to complete the transaction.
“The seller purchased the property back in 2016 and felt it was time to exchange the funds out of state,” Koshet told the Business Journal. He added that the sellers invested in the properties and the new owners plan to build on that to make it more millennial friendly with the Moss Group of Encino as property managers.