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.
Both of the land parcels are adjacent to the Village Walk at Tarzana, a 146,363-square-foot retail center on Ventura Blvd that was developed only a few years ago. The center has over 20 tenants, including a Whole Foods, Yoga Works and Starbucks. The prime location and walkable neighborhood made this an attractive acquisition prospect. “This is an excellent opportunity to develop a pedestrian-oriented community of luxury apartments or for-sale condominiums,” says Green, one of the brokers who worked on the deal.
Having been based in Tarzana for 30 years, the buyer knows the market very well. “We are excited for the opportunity to build this new residential development in Tarzana,” says Sinan Sinanian of Sinanian Development. The parcel located on Redwing St. is .84 acres. On this site, the developer is planning 15 luxury two-story townhomes along with subterranean parking. The N. Yolanda Ave. parcel is the larger of the two at 1.3 acres. Sinanian is planning 19 townhomes, 37 apartment units and subterranean parking for this site. Construction on the site has already begun with completion planned in less than two years.