The Real Deal Los Angeles

Pico landlord wants to swap apartments with condos

Owner purchased the 14-unit apartment complex for $3.1M in 2006

September 15, 2016 05:00PM
By Cathaleen Chen

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Apartments currently at 1237 South Holt Avenue

Apartments currently at 1237 South Holt Avenue

A 14-unit apartment complex in West Los Angeles may soon give way to 34 condos.

Private property owner Davoud Kobaei has filed a vesting tentative tract map request for 1237 South Holt Avenue, in the Pico neighborhood near Koreatown, according to city documents.

Kobaei, who goes by David, runs a New York- and L.A.-based leather supplier called United Leather. He told The Real Deal that he has a 50 percent stake in the property.

The developer and his partners purchased the 0.3-acre property for $3.1 million in 2006, according to CoStar.

Just two blocks away, Calabasas-based investment firm Amoroso Companies filed plans last week to build a seven-story apartment complex with 90 units on La Cienega Boulevard, TRD previously reported.