FMB Development has purchased an entitled 1.2-acre development site in Van Nuys for $9.5 million, according to an announcement today by CBRE.

The property, located at 7111 N. Sepulveda Boulevard, has approved plans for a six-story building that would contain up to 180 studio, one-, and two-bedroom apartments above 4,750 square feet of ground-floor retail space.

Seller Blue Arch Investments, Inc. had announced an anticipated Spring 2018 groundbreaking for the project last year.

FMB was represented by Reuben Benhaghnazar of Reuben Realty, while Blue Arch Investments was represented by Laurie Lustig-Bower and Kadie Presley Wilson.

FMB is currently in the midst of construction of a seven-story, 38-unit mixed-use development in Downtown Los Angeles.

Rendering of 7111 Sepulveda by Daryoush Safai

From the Web

Small Apartment Building Slated for Crescent Heights Boulevard

Three-story, 12-unit building would rise on two parcels.

Last week, the City of West Hollywood's Design Review Subcommittee considered a proposal to construct a small apartment building on two parcels at 1011 and 1015 N. Crescent Heights Boulevard.

The project, which is being designed by Culver City-based architecture firm Modative, calls for the construction of a three-story, 12-unit building featuring 20 parking spaces.  Plans call for a mix of one- and two-bedroom dwellings, including one unit of affordable housing.