North Hollywood developer ditches rentals for condos

Leon Kaplan now wants to build a 48-unit condo project

TRD LOS ANGELES /
Jul.July 11, 2018 09:15 AM
The parcels for Kaplan’s N. Bonner Avenue project

Perhaps sensing a market shift, Developer Leon Kaplan is changing things up at a North Hollywood residential project.

Kaplan filed paperwork with the City of Los Angeles to convert a 48-unit rental project under construction at 5560 N. Bonner Avenue over to condominiums. Kaplan received construction permits in April.

Kaplan consolidated three parcels on Bonner Avenue, a residential side street, for the project. He purchased them between 2014 and 2015 for a total of around $2.4 million, records show. He demolished two existing multifamily buildings on the properties last year.

Kaplan is also working on a 33 unit condo project a few blocks away on Cartwright Avenue.

Last year saw some notable development projects crop up the San Fernando Valley neighborhood.

Dariush Hosseini filed for a 98 unit project on Case Avenue in April. Summerland Partners Group followed with a 60-unit complex in May and Lili and Hamid Hamidi filed for a 40-unit mixed project von Magnolia Boulevard in August.

Data for the wider L.A. market from earlier this year shows that rent growth is slowing this year thanks to increased supply meant to meet feverish demand that sent rents shooting upward over the last five years or so. Rents were just 1.9 percent higher in May than they were a year earlier. Prices for homes in the San Fernando Valley, including condos, continue to rise. 


Related Articles

arrow_forward_ios
Academy Tower and from left, Rockwood Capital co-founder and managing partner Walter Schmidt, Artisan Realty Partners Mark Laderman and Colin Komae

Swift profit: San Fran investment firm unloads NoHo office complex for 45% more than it paid

CEO of Public Storage Ronald L. Havner Jr. and the site in North Hollywood (Credit: Google Maps)

Public Storage is planning to nearly quadruple its space in North Hollywood

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Strategic Legacy Vice President Michael Sabet and a rendering of 11410 W. Burbank Boulevard

Residential development is heating up in North Hollywood; here comes one more project

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

arrow_forward_ios