Foundation For Affordable Housing Acquires Pinetree Terrace Apartments In Reseda From GLS Building Corp For $17.6M

The property asset involved in this transaction is the Pinetree Terrace Apartments located at 7940 Reseda Boulevard in the Reseda market. This multifamily property comprises 58 units and is priced at $17,600,000, resulting in a per unit price of $303,448. It features amenities such as a pool, fitness center, and subterranean parking, and it is planned for conversion into long-term affordable housing.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $17,600,000
• Units: 58
• PPU: $303,448
• Buyer: Foundation for Affordable Housing
• Seller: GLS Building Corp.
• Brokers: Brian Nakamura & Otto Ozen - The Mogharebi Group

The Mogharebi Group played a vital role as the broker in this transaction, facilitating the sale between GLS Building Corp. and the Foundation for Affordable Housing. The successful brokerage of the sale highlights the collaborative effort between the buyers and sellers to address the need for affordable housing in the area.