Investor considers apartment complex with recording studio in South LA

Oliver Omidvar in front of 2710-2804 West Florence Avenue (Royalty Lenders, LoopNet, iStock)

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 assemblage 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 the site on December 31. He paid $ 2.5 million for the set, which includes three stand-alone single-tenant buildings as well as a multi-tenant property with six units. The structures are located on a land area of ​​35,000 square feet.

“The area is very promising,” said Omidvar, noting the site’s proximity to the 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 move the studio to the 25,000 square foot commercial space planned for the new building.

The project will be in the pipeline for a relatively long period of time, even with the plans currently underway. The property leases last for another five years. Omidvar said he plans to start construction only when the leases expire. Before that, the project will go through the authorization process.

Omidvar’s real estate portfolio mainly consists of value-added projects. He said West Florence Avenue would be the first of its size. It also owns the Los Angeles outpost of Miami restaurant Barton G at 861 North La Cienega Boulevard and the location of Crosspointe Church at 1300 North Kellogg Drive in Anaheim.

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