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Monday, Nov 4, 2024

Tarzana Multifamily Trades for $11.3 Million

A 52-unit apartment complex at 6251-6267 Reseda Blvd. in Tarzana has traded hands for nearly $11.3 million, or $216,346 per unit. CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson represented the buyer, Xenon Investment Corp. / Mehta Family. The seller, a private investor which CoStar identifies as Raymont G. Wong with Jong G. Wong & Sharon Wong Revocable Trust, was also represented by Lustig-Bower and Presley Wilson. CoStar also reports that Jong and Sharon Wong had bought the property 20 years ago. Known as Reseda Gardens, the 1960-built, two-floor multifamily property is comprised of one-, two- and three-bedroom apartment units totaling about 42,000 square feet. “The property’s location (near the 101 freeway and Ventura Boulevard) was a big draw,” said Lustig-Bower in a statement. “We were able to generate almost 20 offers, which allowed the seller to receive a great winning bid. Due to the current strong market conditions, this deal received a lot of attention.”

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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