Investment firm Empire USA is planning a 270-unit condo project in Sherman Oaks.
An LLC associated with the Irvine-based company has filed requests with city planning to demolish the three-story apartment building currently occupying 15353-15385 Weddington Street between the 405 freeway and Sepulveda Boulevard.
The developer would then construct five separate four-story condo buildings with one level of subterranean parking. The condo complex would sit on a nearly 4-acre lot and would have balconies for each unit, two courtyards, two swimming pools and more than 600 parking spaces. There would be a total of about 32,000 square feet of shared open space.
The existing apartment building has 169 units, a swimming pool, tennis court and basketball court. Nearly every unit is occupied currently, according to city documents.
Empire purchased the property for an undisclosed amount in 2012, according to CoStar. The company, active largely on the West Coast, has invested in various types of real estate, including multifamily residential, retail and commercial projects. Some of its most recent acquisitions in Los Angeles include a five contiguous apartments in Valley Village and a 12-acre complex in Ventura. Empire could not be immediately reached for comment.
Earlier this year, the Phoenix-based Alliance Residential paid $81 million for a 236-unit multifamily building nearby, at 4735 Sepulveda Boulevard, The Real Deal previously reported.