Rare Entitled Development Site Trades Hands

TARZANA, CA—Tarzana-based Sinanian Development Inc. has acquired two parcels of entitled land at Tarzana’s Village Walk from Pearlmark Real Estate Partners LLC. Located at 18709 W. Redwing St. and 5420-5432 N. Yolanda Ave., the two parcels total just over 2 acres and are entitled for a 72-unit apartment or condominium development. The sales price and terms of the agreement are undisclosed.

These parcels are some of the last remaining development sites in the San Fernando Valley. “Developable residential land in Tarzana is so scarce that there has been no multifamily development in the city since 1980,” says Greg Harris, executive director of Institutional Property Advisors, a division of Marcus & Millichap. Harris advised the seller in the transaction along with IPA directors Kevin Green and Joseph Grabiec.