Steve Wasserman gives a simple reason why Gelt Inc. is going to include self-storage units when it builds The Watermark apartment complex in Reseda, CA.
“People are asking for amenities like that,” said Wasserman, father of Gelt principal Keith Wasserman. “There’s a heavy demand.”
“People that are moving into apartments sometimes come from houses. They have extra furniture they don’t want to get rid of. Or they have baby furniture. Or they have business records they need to keep.” — Steve Wasserman
It’s the first time that Gelt will include storage units in an apartment project. The Watermark will offer about 12,500 square feet of storage.It also will have 15 studio apartments: 112 with one bedroom, 114 two-bedroom units, and 13 with three bedrooms. Apartment sizes will range from 566 to 1,219 square feet.
Construction will begin in 2017 and The Watermark will open in 2019. Other planned amenities at The Watermark include 422 parking spaces, a fitness center, clubhouse, swimming pool and spa.
First come, first serve
But some unit owners may get shut out of storage space, as it will be offered on a first-come, first-serve basis. It’ll be an additional charge, not included in the rent.
“Someone can lease one space; they can lease five spaces. We can make the units any size that we want,” Wasserman said. Storage space units will range in size from 50 to 100 square feet, and will be available only to residents of The Watermark, not outsiders.
Gelt recently bought a 2.5-acre lot at 6625 Reseda Blvd. for The Watermark. Once it’s built, The Watermark’s estimated value will be somewhere between $85 million and $100 million. Wasserman will oversee development of The Watermark, which will have 254 apartment units. It’ll be another Gelt/UHome project, the latter a Chinese company that’s been involved in other Gelt initiatives.
More to come
Gelt will build another apartment development nearby that also will include self-storage. This unnamed project will have 170 apartment units. As at The Watermark, self-storage space will be offered on a first-come, first-serve basis. That project will open about two years after The Watermark opens.
Keith Wasserman and his cousin, Damian Langere, founded Gelt, based in Tarzana, CA, in 2008 despite slow economic times caused by the Great Recession.
Gelt seeks to acquire and upgrade multifamily, retail and mobile home park properties in the western United States, focusing on California, Utah, Nevada, Arizona, Colorado and Oregon. Its properties contain thousands of units throughout the West and Southwest.