Western National Opens 202-Unit Apartments

Located at 9423 Reseda Blvd., the apartment complex features easy access to the 405, 101 and 118 freeways, the developer points out. In addition to its proximity to Cal State Northridge, the property is near Northridge Fashion Shops.

Rents at Meridian start at $1,450, and the complex is opening at a time when rent growth is solid in the San Fernando Valley, according to a recent report by Marcus & Millichap. Healthy tenant demand has kept vacancy below 4%, and rents have continued to rise, according to the report, which says that asking rents have increased 4.9% over the past 12 months to $1,361 per month. "Steady rent increases continue to support strong revenue gains in the Valley," the report notes. It says that although vacancy is forecast to rise slightly, "Healthy renter demand will enable owners to continue to implement solid rent growth in 2008."

Western National describes the finishes and amenities at the Meridian apartments to include a full-size washer and dryer in every unit, wood kitchen cabinetry, granite counter tops, black kitchen appliances, double stainless steel sinks, central heat and air conditioning and high-speed internet access. Other amenities include an outdoor fireplace, a media center with gourmet kitchen, a recreation room with pool table, a theater with surround sound, a business center, a resort-style swimming pool and spa, a fitness center and subterranean parking.

Western National Property Management, one of three separate Western National entities, will manage Meridian Place. Western National Property Management manages approximately 21,000 multifamily units in the Western US and is the second-largest owner of multifamily housing in Orange County, after the Irvine Co. Western National Group is the umbrella over three separate entities, Western National Realty Advisors, which is the development and acquisition arm of the firm; Western National Property Management and Western National Contractors, the construction arm.