MDT Properties, an L.A.-based firm with commercial and residential properties in both California and Texas, has filed plans for a large apartment complex in the central San Fernando Valley.
The project site is at 8846-8870 Sepulveda Boulevard, in the neighborhood of North Hills, and is currently a used car dealership. MDT aims to demolish the dealership building and permit a seven-story, 180-unit apartment complex.
The project, called Sepulveda Apartments, would have five levels of apartments over two parking levels. The developer is requesting Transit Oriented Communities density incentives, and in line with requirements of that program would include 17 affordable units.
MDT, through an entity called 8846 Sepulveda Development, bought the roughly 1-acre property for $6.4 million last July, according to property records. The firm filed its project application late last week.
The plans would bring a major development to a part of the San Fernando Valley that doesn’t generate much attention — at least compared to sexier Valley neighborhoods such as North Hollywood or Studio City — but is also seeing more residential and commercial development. Last November, Parthenia Partners filed plans for a 55-unit apartment project a short walk from MDT’s site in North Hills, and last May Primestor filed plans for a major redevelopment of the San Fernando Valley Mall in neighboring Panorama City.
MDT was founded in 2006 by Marc Tavakoli, a former lawyer and laundromat owner who, like many L.A.-area developers, was born in Iran but fled the country after its 1979 Islamic Revolution.
“We’re the American Dream,” Tavakoli previously told the L.A. Times.
Tavakoli still leads the firm. MDT did not immediately respond to a request for comment on the Sepulveda project.
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