Here are the latest under 50-unit resi projects proposed in LA
539 Hobart Boulevard and 627 N Dillon Street (Credit: Redfin and Google Maps)
Combined, they would add 137 units to the county’s housing stock
original article: https://therealdeal.com/la/2019/04/22/here-are-the-latest-under-50-unit-resi-projects-proposed-in-la-8/
Projects filed under the city’s Transit Oriented Communities umbrella continued to dominate the list of the latest small multifamily projects in the pipeline.
The top five projects with fewer than 50 units each would add a total of 137 units to the market — the biggest adding 39 units alone.
One project on the list was in a designated federal Opportunity Zone.The government program, which provides tax incentives to developers who invest in distressed areas, continues to attract interest.
The Real Deal compiles its list based off planning documents published by the Department of City Planning and property records on PropertyShark.
1. 539 North Hobart Boulevard | East Hollywood | 39 units
An LLC with ties to a Pasadena resident named Jason Cheung filed plans for a new multifamily project in East Hollywood. Located at 539 North Hobart Boulevard, the condominium building would include 39 units. The “Tier 2” Transit Oriented Communities project would also have four units for extremely low-income residents. Cheung, who filed it behind an LLC called Oxford Solutions, is looking for a 30 percent reduction in yard space requirement and extra density in exchange for building affordable housing. He paid $2.4 million for the property last September, records show.
2. 1919 South Western Avenue | Harvard Heights | 30 units
In Central L.A., a 30-unit building would rise at 1919 South Western Avenue in the Harvard Heights area. The property is owned by Temple LLC, which is tied to Dan Gerlach. The applicant provided few details about the project. Deed records show Gerlach acquired the property for $795,000 in 2014.
3. 627 North Dillon Street | Silver Lake | 30 units
A developer is requesting approval to build a four-story apartment complex at 627 North Dillon Street in Silver Lake. The project would include 30 units, as well as one level of underground parking. Yaron Levy owns the property through his LLC, 627 Dillon Associates. The entity bought the property in November 2016 for $1.2 million, records show.
4. 8728 South Reading Avenue | Westchester | 24 units
Property owner John Nazarian filed plans to build a new TOC project at 8728 South Reading Avenue in Westchester. Nazarian has owned the property since 2015, when he bought the site through a trust for $890,000. The South Bay project would include 24 units — three of which would be for extremely low-income residents. He’s also seeking density and parking incentives in exchange for the affordable units.
5. 432 North Normandie Avenue | Koreatown | 14 units
Roussin Capital Group, a family-led real estate firm, filed a plan to build a 14-unit complex at 432 North Normandie Avenue in Koreatown. The firm, which is based in Thousand Oaks, recently acquired the property from a trust tied to Rosa Valladarez for $890,000 last November. The TOC project, which is seeking a density bonus, also sits in a recently designated Opportunity Zone. It would include two units for very low-income residents.