Goldrich Kest Acquires Tarzana Apartment Complex for $23.9 Million

Goldrich Kest, one of California?s largest and most successful privately owned real estate builders and property managers, has acquired a 100-unit rent-controlled apartment complex in Tarzana for $23.95 million. The family-run company headquartered in Culver City, Calif. completed the purchase of the two-story Park Terrace in May. Located at Reseda and Victory Boulevards, the Spanish-style apartment building is adjacent to two other Goldrich Kest-owned and managed properties, Reseda on The Park and Reseda Gardens.
With 55% of the units already remodeled, the company plans to continue making improvements as currently occupied apartments become available for rent. Ranging in size from 1 bedroom/1 bath to 3 bedrooms/2 baths, the units come equipped with air conditioning, kitchen appliances including dishwasher, gas range, hardwood floors and large closets. Much of the common areas have been renovated and include a large swimming pool and sauna, landscaped courtyard and BBQ/picnic areas, fitness center, private clubhouse, covered parking, disability access and laundry facilities.
The Tarzana/Reseda area is experiencing strong rental demand with vacancy rates as low as 2.5%. This neighborhood where Park Terrace is situated is in the San Fernando Valley on the site of a former ranch owned by Edgar Rice Burroughs, author of ?Tarzan,? which is where it gets its name.
?Located in the heart of the Tarzana and adjacent to two of our existing properties, Park Terrace is an ideal addition to our portfolio,? announced Goldrich Kest CEO Michael Drandell. ?Our goal is to continue improving our properties to reflect the changing nature of the market.?
Recognized as one of the nation?s most successful real estate companies, Goldrich Kest can trace its origins back more than 60 years to two entrepreneurs, Jona Goldrich and Sol Kest, who parlayed their meager savings into an empire. Today, the second generation of the Goldrich and Kest families, referred to within the company as ?G2,? continue to build upon the eponymous company?s ever-expanding portfolio of residential, commercial, industrial and retail projects.
Among them are 120 apartment buildings with 13,188 units, 5 marinas with 2,139 slips, 24 senior living facilities with 4,248 beds, and, scattered throughout the US, more than 9.4 million square feet of commercial, industrial and retail space. Over half of their apartment buildings accommodate low-income families and Goldrich Kest offers free after-school and summer programs to keep its young residents engaged and eager to learn. For more information about the company, visit goldrichkest.com.

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