The Real Deal Los Angeles

Gelt plans second multifamily project on Reseda Boulevard

Plans call for 170 apartments and 6,000 sf of retail

August 10, 2016 12:00PM
By Cathaleen Chen

  • Print
The existing office building at 5521 Reseda Boulevard and Steve Wasserman

The existing office building at 5521 Reseda Boulevard and Steve Wasserman

Gelt is making moves in the Valley.

The Los Angeles-based firm recently submitted plans for its second apartment complex in Tarzana — a five-story mixed-use building at 5521 North Reseda Boulevard, The Real Deal has learned. The project sits just a block away from its first development in the area. 

Plans call for the demolition of a 6,500-square-foot Class C office building to make way for the 170-unit apartment complex. It would also have approximately 6,000 square feet of retail and restaurant space, as well as seven live-work lofts, according to city documents.

The office building currently has more than 10 tenants, CoStar shows.

Just a block away on Reseda Boulevard, Gelt has another multifamily project in the works, TRD reported in June. The Watermark would have 15 studio apartments, 112 one-bedroom units, 114 two-bedroom units and 13 three-bedroom units.

Gelt also owns a 16-building community at 28085 Whites Canyon Road in Santa Clarita, which it purchased in May for $45.5 million.

Tarzana was attractive to the real estate firm because of its proximity to the Warner Center, Pierce College and California State University Northridge, Gelt partner Steve Wasserman previously told TRD.

The majority of Gelt’s real estate portfolio is based in Utah and Arizona, but the firm is now looking to its hometown because of L.A.’s housing shortage, he added.