Investor Eyes Apartment complex with recording studio in South Los Angeles
Investor Oliver Omidvar is entering the residential development space with plans for a $50 million, 120-unit apartment complex in downtown Los Angeles, The Real Deal has learned.
Omidvar, who also runs a mortgage lender called Hope & Co. Business Capital, takes on a different role for an assembly at 2710-2804 West Florence Avenue. He plans to build a 150,000 square foot apartment complex with commercial space for a music studio on the ground floor.
Omidvar closed on the site on December 31. He paid $2.5 million for the package, which includes three single-tenant stand-alone buildings as well as a six-unit multi-tenant property. The structures sit on 35,000 square feet of land.
“The area is very promising,” Omidvar said, noting the site’s proximity to SoFi Stadium and the Forum, both in neighboring Inglewood.
One of the tenants of the existing property is RZN Recording Studio, which is located at 2724 West Florence Avenue. Omidvar said he was negotiating to have the studio move into the 25,000 square foot commercial space planned for the new building.
The project will be in the pipeline for a relatively long time, even with the plans currently underway. The leases for the properties last another five years. Omidvar said it plans to start construction only when the leases expire. Before that, the project will go through the authorization process.
Omidvar’s real estate portfolio consists mainly of value-added projects. He said West Florence Avenue would be his first of his stature. He also owns the Los Angeles outpost of Miami’s Barton G Restaurant at 861 North La Cienega Boulevard and the Crosspointe Church location at 1300 North Kellogg Drive in Anaheim.