LOS ANGELES, CA - Gelt, Inc., a Los Angeles-based real estate investment and asset management firm, has acquired an entitled 2.4-acre land parcel for the development of The Watermark, a 254-unit apartment community in Reseda, Calif. Located at 6625 Reseda Blvd., development plans include 6,600 square feet of retail and 13,500 square feet of self-storage space. Construction is anticipated to begin in early 2017 with completion expected in early 2019. Once completed, the value of the asset is estimated to be between $85 million to $100 million. The seller was Metric Holdings.
“We are thrilled to embark on this aesthetically pleasing, amenity-rich infill mixed-use project,” said Damian Langere, partner with Gelt, Inc. “We identified that there is a major undersupply of affordable apartment product in Reseda that offers attractive interior features and on-site amenities. We have designed The Watermark to deliver a winning combination of affordability and quality to the local community.”
Langere noted that the property is just 1.7 miles from the Providence Tarzana Medical Center which recently announced a $624 million upgrade and expansion that will ultimately create an additional 1,000 jobs.
Offering views of the LA River, The Watermark will include five stories as well as two levels of underground parking totaling 422 spaces. The development will feature a fitness center; clubhouse with a community room; and a swimming pool and spa. The interior units will offer nine-foot ceilings, crown molding, high-end cabinetry, vinyl flooring, and brush nickel fixtures. The unit mix will include 15 studios, 112 one-bedroom units, 114 two-bedroom units, and 13 three-bedroom units. The residences will range in size from 566 square feet to 1,219 square feet.
“There is certainly a lack of multifamily developments throughout the Los Angeles region,” noted Keith Wasserman, partner with Gelt, Inc. “Gelt will be seeking other key infill locations for development opportunities over the next 12 to 24 months as we see the demand continuing to grow even stronger well into the future.”
Located within the San Fernando Valley, the community of Reseda spans near six square miles and has a population of more than 37,000 people with an average age of 37. Additionally, more than half of the population rents versus owns. The San Fernando Valley is situated about 12 miles northwest of Downtown Los Angeles and is home to more than 86,000 businesses and 680,000 jobs.
Since the company's inception in 2008, Gelt has acquired 4,500 apartment homes valued in excess of $500 million. The firm continues to focus its efforts on acquiring value-added apartment communities with a minimum of 100 units within high growth infill locations throughout the Western United States.
About Gelt, Inc. Gelt Inc. is a regional real estate investment and asset management company that seeks to acquire properties in strategic markets in the Western U.S. The firm’s philosophy is to be a prudent steward for its investment capital, to invest wisely, with confidence and intelligence in emerging, constrained markets. Gelt seeks appropriate risk adjusted returns while achieving income from current cash flow and appreciation through superior performance of its assets.
Gelt consists of a team of real estate professionals that possess a wealth of knowledge and expertise in law, real estate, finance, property and asset management, and construction.
Additionally, Gelt has developed a free, easy-to-use leasing platform, Domuso.com, which speeds its reservation process and collects online/mobile rental payments. Domuso has also alleviated the upfront costs of moving into an apartment by providing lending as a service option to its residents – a first of its kind in the rental industry. Domuso lends funds to qualified residents for move-in fees such as first month's rent, security deposit, pet rent, pet deposit, and other upfront costs at competitive interest rates.
The firm strives to stay on top of industry trends, and is always on the lookout for new technologies that simplify life for its leasing agents and help its properties run smoothly.