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

20 Townhomes Planned in Inglewood

The project would rise from an L-shaped site near La Brea Avenue.

In Inglewood, a local developer has filed plans to construct townhomes just west of La Brea Avenue. The proposed development, slated for an L-shaped property at 113-133 W. Plymouth Street, would replace 11 existing single-family residences with 20 three-story townhomes above a basement parking garage.