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

Allegheny Ventures LLC would demolish 4 homes

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

Related Article

From left: Canyon Crest Views Apartments and Sunset Ridge Apartments

Multifamily investor Afton Properties adds nearly 1K units to portfolio

Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

Blackstone digs deeper into SoCal with massive rental portfolio buy

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

Daniel Wrublin (right), principal of Dalan Management and Gregory Fowler, managing partner at FPA Multifamily with The Vue Apartment Homes in San Bernardino

A strong industrial market in San Bernardino is spurring a multifamily boom

Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex

(Credit: Wikicommons)

More than 10K new apartments hit the LA market in 1 year. That wasn’t enough

JPI CEO Brad Taylor and a rendering of the South Gate project

JPI lands big loan for South Gate’s first apartment project in 30 years

From left: Thomas L. Safran and President of Thomas Safran & Associates Andrew David Gross with the project site

An affordable housing developer eyes South LA industrial site for 127 resi units