Weintraub wants in on the multifamily game in Van Nuys

The development firm filed plans for a 127-unit complex in an area that has seen a rise in apartment construction

Weintraub Real Estate president and founder Richard Weintraub and Park Royale Mobile Home Park (Credit: Google Maps)
Weintraub Real Estate president and founder Richard Weintraub and Park Royale Mobile Home Park (Credit: Google Maps)

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.

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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.