Developer plans Valley Glen apartment complex with affordable component
64-unit project would rise on border of Van Nuys, which has seen increase in multifamily construction
A developer has filed plans to build a 64-unit market-rate apartment complex in Valley Glen, a project that would include an affordable component.
A trust tied to Nick Nishanian submitted the application for the six-story building at 5953 North Hazeltine Avenue, property records show. The project would rise on the border of Van Nuys, which has seen an increase in affordable housing projects.
The filing seeks incentives through Los Angeles’ Transit Oriented Communities program, which allows multifamily developers to increase the size of their projects near transit hubs if a portion of the units are set aside for lower-income tenants. The development site qualifies for Tier 3 incentives, meaning at least 10 percent of units would be set aside for residents at the extremely low income level, or 25 percent set aside for residents at the very low income level.
The property is now home to a 6,900-square-foot, single-story marijuana dispensary that the trust owns, according to records.
Nishanian’s LinkedIn profile describes him as a real estate developer and property manager at LN Real Estate Management & Development. A message left with the Glendale-based developer was not immediately returned.
A recent affordable housing filing in neighboring Van Nuys includes plans for a 71-unit complex along Van Nuys Boulevard, located in a designated Opportunity Zone.