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Los Angeles Multifamily

Reseda Project Bought By Gelt

The Watermark, The Albert Group Architects
Photo credit: The Albert Group Architects

Gelt plans to develop a multifamily project in Reseda in the Valley.

The 2.5-acre land parcel at 6625 Reseda Blvd is entitled to house The Watermark. The project will include 254 new apartments.

Gelt bought the land from Metric Holdings. The estimated value of the development upon completion is $85M to $100M.

The Watermark is slated to have five stories and include a retail component, according to Multi-Housing News. It is being designed by The Albert Group Architects.

Construction could begin next year with a projected opening date of 2019. [MHN]

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