Apartments to Go Up on Valley Bungalow Site

Plans have been announced for 67 apartments to be built on the site of 20 aging bungalows in the Valley Village district of Los Angeles by a joint venture of Adler Realty Investments Inc. of Woodland Hills and Westside-based California Villages Inc.

The three-story, garden-style complex of two- and three-bedroom apartments will replace the small 1940s bungalows on about 1 1/2 acres along the 5300 block of Corteen Place in the San Fernando Valley, said Adler Realty principal Michael Adler. The development’s projected cost is $9.2 million.

The Adler Realty-California Villages partnership, known as Corteen Village LP, purchased the site from Corteen Village LLC for about $1.69 million, Adler said. His firm funded the property acquisition and brokered the sale.

Rents for the apartments haven’t been set, but Adler said they will be comparable to or slightly higher than the better apartment properties in the area, which have few vacant units. “We see a lot of upside” in market rents and property values, he added.

The property seller and the new owners agreed to help pay relocation expenses of the bungalow tenants, Adler said. The new development being designed by Dvoretzky Bardovi & Bunnell won’t be subject to Los Angeles rent-stabilization controls.