The Real Deal Los Angeles

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

Firm purchased the 1.4-acre site for $6M
By Cathaleen Chen | July 08, 2016 03:00PM

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.