Hill Street Realty pays $27M for Tarzana rental complex

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

Los Angeles /
Nov.November 12, 2020 10:05 AM
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.

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


Related Articles

arrow_forward_ios
1333 S. Orange Grove Avenue (Google Maps)
Canfield sells newly converted luxury rental complex
Canfield sells newly converted luxury rental complex
A rendering of the project and an aerial view of the development site (WPH Holdings, Google Maps)
WPH Holdings plans another affordable complex in Sun Valley
WPH Holdings plans another affordable complex in Sun Valley
10745 W. Burbank Boulevard in North Hollywood (Google Maps)
Developer eyes apartment complex in North Hollywood
Developer eyes apartment complex in North Hollywood
Clarion Partners CEO David Gilbert and Trammell Crow CEO Mike Lafitte. (The Center at Needham Ranch, Clarion Partners, Trammel Crow)
DrinkPAK gulps down 400K sf at Needham Ranch complex
DrinkPAK gulps down 400K sf at Needham Ranch complex
Black Equities Group's Stanley Black and Equity Residential's Mark J. Parrell. (Apartments.com, Getty, Equity Residential)
How Suite it is: Sam Zell’s Equity Residential sells SaMo rental complex
How Suite it is: Sam Zell’s Equity Residential sells SaMo rental complex
5001 Wilshire Blvd. (Getty, 42 Floors)
From retail to residential: Apartment complex may replace strip mall
From retail to residential: Apartment complex may replace strip mall
Rexford Co-CEOs Howard Schwimmer and Michael S. Frankel and Quixote CEO Mikel Elliott. (Google Maps, Rexford, Quixote)
Rexford Industrial inks studio and equipment firm to big lease
Rexford Industrial inks studio and equipment firm to big lease
Moda at Monrovia Station and Opportunity Housing Group President Lauren Seaver (Google Maps)
Workforce housing investor pays $100M for Monrovia apartments
Workforce housing investor pays $100M for Monrovia apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...