Onward Capital plans $60M 190-unit residential complex on Reseda Boulevard

Firm purchased the 1.4-acre site for $6M

Jul.July 08, 2016 03:00 PM

Onward Capital is the new owner of a 1.4-acre lot in Reseda and will develop it into a 190-unit apartment complex, The Real Deal has learned.

The Beverly Hills-based private equity firm acquired the lot for $6 million from private property owner Kourose Shenassa. 

In the transaction, Onward was represented by Luc Hawkshaw and Eric Mandell of Apex Properties. The seller was represented by Marcus & Millichap’s Martin Agnew, according to CoStar.

The project is slated to cost $60 million, Hawkshaw told TRD. The first phase of construction will be the demolition of a 31,085-square-foot office and retail building on the site at 6648-6670 Reseda Boulevard. The building is currently mostly leased. Tenants include a hair salon, several doctors, several dentists, a chiropractor, a real estate firm and a construction company.

Onward found appeal in the Reseda location because of the ongoing growth and price hikes in the San Fernando Valley, Hawkshaw said.

Across the street, the Los Angeles-based firm Gelt is developing also a residential complex — a 224-unit, five-story building — after purchasing the the 2.4-acre land last month, TRD previously reported.

Related Articles

CEO of Public Storage Ronald L. Havner Jr. and the site in North Hollywood (Credit: Google Maps)

Public Storage is planning to nearly quadruple its space in North Hollywood

Optimus Properties, LLC cofounders Kamyar Shabani and K. Joseph Shabani and the building

Healthy investment: Optimus Properties buys medical office tower near $500M hospital expansion

SCI paid $32 million for 28 acres next to its Groman Eden Mortuary and Eden Memorial Park (Credit: iStock)

A death services provider outmaneuvered local developers to win this sprawling piece of raw land

Southland Regional Association of Realtors President Dan Tresierras and the San Fernando Valley (Credit: Wikipedia)

San Fernando Valley might be selling homes slowly, but prices just won’t stop rising

Councilmember Bob Blumenfield and Bothwell Ranch

Putting the squeeze on development: LA councilman opposes sale of orange grove

Prologis CEO Hamid Moghadam, NEP’s chief strategy officer Carrie Galvin, and the building

Broadcast production firm inks big lease at Prologis industrial center

John Chiu and 12711 Branford Street (Credit: Google Maps)

This online LA rental platform is a multifamily buyer

San Fernando Valley home sales plummeted in February