Hanover Co. plans 394-unit resi complex at Warner Center

The project would require demolishing an industrial and office buildings on site

Jun.June 12, 2018 01:30 PM
Executive at Hanover Co: Murry Bowden, founder & chairman

Hanover Company wants to build a 394-unit residential complex at 6636 Variel Avenue in the Warner Center, The Real Deal has learned.

The project is the third residential building proposed on the block within the last two years.

The 68,300-square-foot lot is owned by Natalie Levy Saraf, an executive at Andwin Scientific, property records show. The medical supply company currently occupies most of the three parcels on the plot.

The two other industrial businesses, Anderson Bremer Paper Co. and Mammoth Packaging, will be relocating as well.

Hanover is in escrow on the property, said Ryan Serling, a broker at Marcus & Millichap.

He was listing the mixed-use development property alongside Chase Cohen, Martin Agnew and John Lally, also at Marcus & Millichap.

Houston-base Hanover, a privately held company that focuses on multifamily properties, recently made waves in Ventura County when the firm, in a joint venture with Universal Holdings and Essex Property Trust, paid $100 million for a 400-unit apartment complex. It’s also planning a 270-unit apartment complex in Hollywood, set to replace an aging strip mall.

The firm will be joining Evolution Strategic Partners, a developer based in West L.A., and another developer, Antonio Reyes, at Variel.

Evolution filed plans to build a 271-unit apartment building at the site of a former aircraft component warehouse in Warner Center at 6606 N. Variel, while Reyes has proposed a new, mixed-use complex at 6330 N. Variel.

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