Los Angeles Firm Plots More Multifamily in Palms

A locally based development firm plans to build more apartments in the Palms area.

Helio filed two applications with the Los Angeles Department of City Planning for separate multifamily properties on South Overland Avenue, Urbanize Los Angeles reported.

A Helio affiliate kicked off an entitlement application for 3738 South Overland Avenue, calling to replace commercial buildings and surface parking with an eight-story residential building. The proposed project would feature 141 studio and one-bedroom apartments above roughly 1,500 square feet of ground-floor commercial space and parking for 67 vehicles.

Helio is seeking entitlements for the citywide housing incentive program, which would allow the developer to build larger than zoning rules typically allow in exchange for some affordable units. The firm would designate 17 of the new apartments for rent at the extremely-low-income level, generally defined in Los Angeles County as a maximum annual income of $31,850 for one person or $45,450 for a household of four.

It’s the second application in a month from Helio for a residential project along this stretch of South Overland Avenue. The firm previously filed to build an eight-story building with 258 residential units at 3602 South Overland Avenue. The company plans to include 4,295 square feet of ground-floor retail space.

Overland Avenue is the preferred thoroughfare for Helio in Palms, as it has already built three similar housing complexes along the street, according to Urbanize – but that’s not the only area it’s active in. The firm is currently building Aston Residences, a 190-unit multifamily project at 10505 Washington Boulevard in Culver City near Sony Pictures Studios. Last August, Helio landed a $92 million construction loan from Affinius Capital for Aston Residences, which would consist of an eight-story building featuring 160 one-bedroom units and 30 two-bedrooms.

Helio’s presence in the Palms and Culver City area has been growing. Last year, the development and management firm bought the 135-unit Cobalt Apartments at 10601 Washington Boulevard for $67.7 million. Other Westside holdings include the 224-unit Archer apartments and the 24-unit Rêve apartments in Brentwood, as well as the 40-unit Coda apartments in Culver City.— Chris Malone Méndez