A 48-unit multifamily complex in Tarzana has sold for $15.1 million in an all-cash transaction.
The 46,548 square-foot building, located at 5911-5917 Reseda Blvd., was sold by Lion Real Estate Group. Interstate Equities Corp. is the new owner. Michael Koshet at KW Commercial represented both the buyer and the seller in the transaction.
The property sits on the corner of Hatteras Street and Reseda Boulevard in a prime location of Tarzana, between the Metro Orange Line and the 101 freeway.
According to Koshet, half of the building has rent control. The building consists of 2- and 3-bedroom units and a large park-like setting in the middle with a recreational room that will be converted into a fitness room.
“The reason for the sale was the seller exited the property with an out-of-state exchange, while the buyer felt there was plenty of upside potential and wanted to take advantage of the location and the 1,100 new jobs coming into the immediate area with the new Tarzana Cedars Sinai Hospital $600 million expansion," Koshet told the Business Journal.