In Van Nuys, developers plan residential push with two apartment buildings
Both properties would have some units dedicated for low-income housing
A pair of developers are planning mid-rise apartment buildings in Van Nuys, reflecting a recent uptick in investment in the San Fernando Valley neighborhood.
Topanga Partners, acting through an entity, filed plans to build a 31-unit apartment complex at 14541 W. Gilmore Street, according to documents published by the Department of City Planning. Out of the 31, three units in the five-story building would be dedicated for “extremely low income” residents.
The firm, led by Steven Friedmann, is seeking to take advantage of the Transit Oriented Communities program, which would allow him to build with higher density in exchange for supplying affordable units near a transit stop.
Topanga Partners purchased the land, which stretches 15,000 square feet, in January for $1.85 million, property records show.
The firm did not respond to requests for comment.
Less than a quarter of a mile away, another developer is hoping to build a 27-unit building at 14558 W. Erwin Street.
Investor Dariush Hosseini filed plans to a build a four-story apartment complex with one level of underground parking, according to documents filed with the city. Three units would be set aside for affordable housing.
Hosseini, who is also behind a 98-unit multifamily complex in North Hollywood, bought the land in 2016 for $800,000, property records show.
In the San Fernando Valley, home prices have been climbing to record highs. A new report from the Southland Regional Association of Realtors found that the price of a single-family home grew 11.3 percent year-over-year to $708,000 in May, a new record for the region.
That’s driven developers and investors to the area, who hope to capitalize on the tight housing market. Earlier this year, an entity filed plans to build a 73-key hotel that would replace an aging motel on Sepulveda Boulevard.
Lion Real Estate Group, led by Jeff Weller and Mory Barak, is also buying into the area. The firm purchased a three-building apartment portfolio for $42 million, and is planning on renovating the complexes.