The Real Deal Los Angeles

Developer wants to build 49-unit apartment project in the Hills

Half-acre lot is currently occupied by an auto shop
By Cathaleen Chen | November 10, 2016 10:30AM

The car shop at 3077 Cahuenga Boulevard

The car shop at 3077 Cahuenga Boulevard

A Cerritos-based developer filed plans to build a 49-unit apartment building in the Hollywood Hills, according to city documents.

Kiran Patel of  Oaktree Financial plans to demolish an existing auto shop at 3077 Cahuenga Boulevard to make way for the new three-story structure and 55 parking spaces.

He purchased the property, which is adjacent to the Hollywood Freeway, for $2.6 million in March 2015, according to CoStar.

Better known for single-family, celebrity homes, the Hollywood Hills isn’t a typical haven for multifamily investment. Rapper 2 Chainz, for instance, recently bought a $2.45 million pad three miles east on Manola Way and, in Hollywood Hill West, Ellen DeGeneres sold a two-acre compound for $10 million.