52-U NIT A PA RTMENT B U ILDING TARZANA, CALIFORNIA RESEDA GARDENS $10,500,000 www.ResedaGardens.com FOR MORE INFORMATION, PLEASE CONTACT: LAURIE LUSTIG-BOWER Executive Vice President Lic 00979360 +1 310 550 2556
[email protected] KADIE PRESLEY WILSON Senior Sales Director Lic 01476551 +1 310 550 2575
[email protected] VALUE-ADD OPPORTUNITY SOUTH EASTERN EXPOSURE SANTA PACIFIC MONICA OCEAN ENCINO VENTURA BLVD 101 TARZANA RESEDA PARK LAKE VICTORY BLVD RESEDA BLVD 5 EXECUTIVE SUMMARY www.ResedaGardens.com 6 EXECUTIVE SUMMARY CBRE, Inc., as exclusive agent, is pleased to present for sale Reseda Gardens, a value-add 52-unit apartment property located in the San Fernando Valley neighborhood of Tarzana, just one mile north of famous Ventura Boulevard. The Property, with address 6251-67 Reseda Boulevard, is priced below replacement cost at $10,500,000 and has significant upside potential. Built in 1960, the Property has been owned by the same family for almost 20 years. The current ownership upgraded a handful of units with new laminate flooring and paint and was able to achieve significantly higher rents. If a buyer were to upgrade the units further and bring all the tenants to market, the upside potential is approximately 28% and the cash-on-cash return would be approximately 5%. Reseda Gardens features a sparkling swimming pool and a well-manicured lawn in a courtyard- OPPORTUNITY HIGHLIGHTS style building. It has a desirable unit mix of mostly one and two bedroom units with a handful of three • Priced Below Replacement Costs bedrooms as well.