The bungalows stand on a 1.5-acre parcel that fronts the 5300 block of Corteen Place, in the Valley Village District. The buyer, Woodland Hills-based Adler Realty Investments Inc., says it will raze the structures and build a 67-unit garden apartment on the site.
The seller is a private partnership known simply as Corteen Village LP. An Adler Realty executive says both his company and the seller have agreed to share the cost of relocating tenants who occupy the existing bungalows.
The new apartment project will be valued at $9.2 million. Adler Realty will develop the complex through a partnership with West LA-based California Villages Inc.
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