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Los Angeles

Hill Street Realty pays $27M for Tarzana rental complex

Bechirian Investments sold 118-unit building in neighborhood with few multifamily deals a year

Joseph Penner and the apartment building
Joseph Penner and the apartment building

A 118-unit apartment building in Tarzana has traded hands for $27.1 million.

Hill Street Realty acquired a 118-unit apartment building in Tarzana.

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The firm paid $27.1 million for the property at 6262 Reseda Boulevard, according to Commercial Observer. The seller was Bechirian Investments, and the deal was pegged at $229,600 per unit.

The building dates to 1969, and has a mix of studio, one- and two-bedroom units. There is a central courtyard with a pool and two floors of units, a typical layout for the neighborhood and its era.

Michael Sterman and Jeff Louks with Marcus & Millichap represented Bechirian. Sterman said there are typically fewer than 10 multifamily deals a year in Tarzana, which has a total stock of 6,500 market-rate units. [CO] — Dennis Lynch

Tags
LA MultifamilySan Fernando ValleyTarzana