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The Real Deal Los Angeles

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

Allegheny Ventures LLC would demolish 4 homes
By Hannah Madans | February 27, 2018 08:00AM

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.