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Western Avenue Capital plans 180-unit multifamily in Arlington Heights
Project would be first in the neighborhood for Central LA firm
Western Avenue Capital, a Central Los Angeles-based real estate investment and management firm, is requesting approvals to build a large multifamily complex in Arlington Heights.
The proposed project, located at 2340 West Venice Boulevard, would include 180 units with 18 set aside for extremely low-income residents, according to a filing with the Department of City Planning.
Its proximity to public transportation — the site is less than two miles away from the Wilshire/Normandie Metro station — would allow the project to classify under Tier 3 of the Transit Oriented Communities program.
An LLC named Western & Venice SC, controlled by a Western Avenue principal Joshua Kaplan, paid $17.45 million for the property in May 2012, property records show.
The 30,000-square-foot property, which spans 2340 – 2350 Venice Boulevard, currently includes an auto shop and laundromat. Both would have to be demolished to make room for the new project, Kaplan said.
Western Avenue, led by Jonathan and David Kasirer, plus Kaplan, owns multifamily, retail, industrial and office properties around the country. The firm specializes in value-add investments in need of some repositioning, according to its website.
The project would be the first in the Arlington Heights neighborhood for the firm, Kaplan added.
Nearby, a developer is planning a six-story complex at 1917 S. Western Avenue. Temple LLC, which is connected to an individual named Daniel Gerlach, is behind the TOC project that would include 30 units and 44,100 square feet of commercial space.