An 88-unit apartment planned in Sun Valley amid rising home prices

Allegheny Ventures LLC would demolish 4 homes

Los Angeles /
Feb.February 27, 2018 08:00 AM
11957 W Allegheny St, 11958 W Allegheny St, and 11961 W Allegheny St. (Credit: Google Maps)

A developer wants to build an 88-unit apartment in Sun Valley, an area that is largely industrial but has seen a recent rise in home prices.

Allegheny Ventures LLC plans to demolish the existing four single-family homes on Allegheny Street, according to plans filed with the Department of City Planning. Glendale attorney Armen Dovlatian represented the LLC in the filing, and no other information about owner was available. Dovaltian did not immediately return requests for comment.

The properties were purchased in September 2017 for $3.2 million. They are located at 11957, 11958 and 11961 W. Allegheny streets.

In the San Fernando Valley in January, there was a 7 percent uptick in condominium sales over the same period in 2017, according to the Southland Regional Association of Realtors. The number of condos sold in January, 146, was the highest total since 2014. While slightly fewer houses were sold to start the year, the median price inched higher, as did the price for condos, the association reported.

The median listing price in San Fernando Valley is $500,000, while the median closing price is $525,000, according to Realtor.com.


Related Articles

arrow_forward_ios
National Real Estate Advisors ceo Jeffrey Kanne with renderings of the residential tower The Bloc at 700 S. Flower St in Los Angeles (Shimahara, National Real Estate Advisors)
The Bloc could add 53-story tower to DTLA skyline
The Bloc could add 53-story tower to DTLA skyline
Trammell Crow Residential ceo Ken Valach with renderings of the Alexan project at 150 N. Santa Anita Avenue in Arcadia (LinkedIn, Studio One Eleven, Illustration by The Real Deal)
Trammell Crow Residential to build 319 apartments in Arcadia
Trammell Crow Residential to build 319 apartments in Arcadia
Jamison Properties' CEO Jaime Lee with 626-634 St. Andrews Place (LinkedIn, Jamison Properties)
Jamison breaks ground on 230-unit complex in Koreatown
Jamison breaks ground on 230-unit complex in Koreatown
Santa Monica Homes
Santa Monica, WeHo most expensive rent cities in LA County
Santa Monica, WeHo most expensive rent cities in LA County
Stockbridge Chiefs Terry Fancher and Sol Raso with The Bahay
Stockbridge Capital pays nearly $138M for Filipinotown apartments
Stockbridge Capital pays nearly $138M for Filipinotown apartments
NBP Capital's Lauren Noecker and renderings for 100 W. Mesnager Avenue, Los Angeles (GBD Architects, LinkedIn)
NBP Capital building 289 apartments in Chinatown
NBP Capital building 289 apartments in Chinatown
Uncommon Developers’ Jason Larian and Ryan Hekmat with a rendering of 6728 Sepulveda Boulevard (LinkedIn, Works Progress Architecture)
Uncommon Developers plans 405-unit complex in Van Nuys
Uncommon Developers plans 405-unit complex in Van Nuys
1800 N. New Hampshire Ave (Google Maps, iStock)
Phoenix investor pays $64M for 132-unit resi complex in Los Feliz
Phoenix investor pays $64M for 132-unit resi complex in Los Feliz
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...