More apartments could soon be coming to Los Angeles, with one recently submitted application showing plans for a 126-unit mixed-use project. Earlier this month, Farzad Nourollah of FN Property Investments, LLC submitted plans for the project, which would be located at 5760 W. Obama Blvd.
The project would take shape on a 0.81-acre site, which is currently developed with several commercial buildings and associated parking, according to project documents. Should the project receive approval, the project, which is designed by Daryoush Safai AIA Architects, would include the construction of a six-story building totaling 132,020 square feet.
The residential portion of the building would be located on the top five floors, and would include 25 studio units, 51 one-bedroom units and 50 two-bedroom units. Of the total unit count, 15 percent would also be set aside for low income households.
On the ground floor level, the building also would include 20,250 square feet of commercial space. Two basement levels would also feature space for 165 parking stalls.
The project site is located near the West Adams neighborhood and near Baldwin Hills. The area is primarily developed with single family homes with nearby retail including Target, McDonald’s, 7-Eleven and more. The property is also a short commute to the Baldwin Hills Scenic Overlook and the Kenneth Hahn State Recreation Area.
Other mixed-use developments are also being planned nearby. One project planned for the area is a 460,824 square foot mixed-use development that was first proposed in 2021. According to previous reporting from The Registry, the development, located at 3401 La Cienega Blvd., would feature 260 residential units in a 230,412 square foot building and a neighboring commercial building totaling 230,412 square feet.
Overall, the Los Angeles multifamily market continues to perform well. According to a third quarter multifamily market report from Colliers, occupancy across the Greater Los Angeles area’s multifamily property has grown in the third quarter to 96.7 percent, while rental rates also continue to increase. Year-over-year, the market saw an increase in rental rates by 4.98 percent to $2,198 per month on average. As demand in the area remains high, new projects continue to take off. As of the third quarter, there were 33,500 apartment units under construction in Los Angeles.
