Weintraub Real Estate Group has filed plans to build a 127-unit apartment building in Van Nuys, at a time when the San Fernando Valley neighborhood is experiencing an increase in multifamily construction.
The Malibu-based developer intends to set aside half of the units in the proposed five-story building as affordable, which could qualify the project for city incentives.
The company bought the property at 7650-7658 North Balboa Boulevard two decades ago, paying $3.4 million, records show. Plans call for partially razing an existing mobile home park — called Park Royale — to make room for the development.
The company’s president and founder, Richard Weintraub, could not be reached for comment.
According to its website, the company has acquired, developed or entitled residential and commercial properties worth a combined $1 billion.
Last year, an entity tied to Richard Weintraub sold off a property in Woodland Hills for $15 million, whose buyer wants to build a 600-unit apartment complex.
In August 2018, Richard Weintraub sold the Malibu estate La Villa Contenta for $50 million to Behdad Eghbali, a founding partner at Santa Monica-based Clearlake Capital Group. The year before that, Beyoncé and Jay-Z rented the estate for $400,000 a month. The property is listed under Weintraub Real Estate’s featured projects.