The Real Deal Los Angeles

Investor plans 98-unit apartment in NoHo

Dariush Hosseini bought the 0.7-acre site for $6.5M
By Cathaleen Chen | April 20, 2017 09:45AM

Site at 5531 Case Avenue

Investor Dariush Hosseini wants to build a 98-unit apartment complex in North Hollywood, according to planning documents.

Hosseini acquired the 0.7-acre parcel of land, at 5513 Case Avenue, through an LLC for $6.5 million last December, property records show. The seller was the Fashion District-based real estate firm Zachary Brothers.

Of the 98 units, 21 are contingent on the city approving a density bonus request.

Hosseini is just the latest developer to target North Hollywood for residential development.

Investor Leon Kaplan recently filed plans to build a 33-unit condominium project on the corner of Cartwright Avenue and Chandler Bikeway, city documents show. An entity linked to Ranna Purohit, who owns the Colony Inn on Vineland Avenue, also filed plans, for a 35-unit complex at 4882 North Lankershim Boulevard.
Hosseini is not new to the market.
He recently acquired an industrial building in Orange County for about $6.8 million, the San Diego Business Journal reported. He also reportedly owns a single-story mixed-use building in Canoga Park.