North Hollywood Developer Buys Lemp Avenue Lot for $1M, Plans 81 Units With No Parking

A North Hollywood lot that recently sold for just over a million dollars is about to become the site of an 81-unit apartment building with no parking spaces at all. HVN Development has submitted plans to the City of Los Angeles for a five-story, 100% affordable housing complex at 5922 N. Lemp Avenue, the latest in a fast-growing string of similar projects the firm is pushing through the San Fernando Valley.

According to Urbanize LA, the proposed building would set aside all 81 apartments for low- and moderate-income renters and would rise on a parcel that HVN is eligible to develop under citywide housing incentives. The publication reports that Stockton Architects is designing the contemporary podium-style structure, with renderings showing a blue-and-white stucco exterior consistent with the firm's other North Hollywood work. Real estate sales records show HVN founder Tommy Beadel purchased the 6,613-square-foot RD2-1 zoned parcel on August 4 for $1,087,500, according to a Zillow listing that also noted a neighboring 6,631-square-foot lot was available for purchase.

The Lemp Avenue site sits near NoHo West, and the project's lack of parking isn't an oversight — it's the law. Under California's Assembly Bill 2097, which took effect in 2023, local governments cannot enforce minimum parking requirements on residential projects within a half-mile of a major transit stop, according to the Los Angeles City Planning Department. Skipping parking structures matters financially too, since parking spaces in Los Angeles typically add roughly $55,000 per unit in construction costs, the department notes.

A Repeatable Model Across the Valley

HVN Development was founded in December 2023 by Beadel, the former CEO of single-family homebuilder Thomas James Homes, who pivoted toward 100% income-restricted multifamily housing, per Affordable Housing Finance. The trade publication ranked the company No. 34 on its 2026 list of top developers after HVN broke ground on 10 Los Angeles projects totaling more than 600 units in 2025. The Lemp Avenue proposal is one of more than a dozen affordable housing projects the company has in the pipeline across the city, with additional under-construction developments in Sawtelle and Westchester.

North Hollywood in particular has become a hub for the company's activity. HVN has also filed plans for a 75-unit building at 5640 Riverton Avenue and received permits in December 2025 for a 76-unit project at 11218 W. Califa Street, both five-story stucco buildings without on-site parking, according to Urbanize LA. The Real Deal reports that HVN has expanded even further into the Valley this year, filing plans for a 78-unit complex at 12025 W. Hoffman Street and a 102-unit project at 12434 Moorpark Street in Studio City, plus a 91-unit building in Toluca Lake — a pattern Hoodline previously covered when HVN broke ground on a third parking-free tower in Westchester.

Faster Approvals, Fewer Public Subsidies

Much of the speed behind these filings traces back to City Hall. In December 2025, the Los Angeles City Council unanimously voted to permanently codify Mayor Karen Bass's Executive Directive 1 into municipal law, requiring city agencies to complete pre-construction reviews for 100% affordable housing developments within 60 days, according to the Los Angeles Times. That directive bypasses discretionary hearings and environmental reviews for qualifying projects. Combined with California's State Density Bonus Law, expanded under Assembly Bill 2334, developers can now access unlimited residential density and up to three extra stories of height in transit-rich areas in exchange for deed-restricting every unit for lower-income tenants.

That regulatory shift helps explain how a five-story, 81-unit building can rise on a parcel previously zoned for low-density residential use. It also means HVN can build at this scale largely without relying on public subsidies, purchasing small lots near transit corridors and stripping out parking to maximize unit counts. Census Bureau data compiled in 2025 shows the median household income in North Hollywood's 91601 zip code was $79,607, underscoring the demand for affordable units in a neighborhood that has also seen rising housing costs alongside redevelopment near the NoHo Arts District.

Citywide, the trend lines point in the same direction. Los Angeles County housing data shows that in 2025, 19% of new rental units certified for occupancy were deed-restricted affordable homes — the highest annual share on record, totaling nearly 4,500 apartments. Bass reported in July that nearly 47,000 affordable units were sitting in the city's Executive Directive 1 pipeline, a figure that includes projects like the one now proposed for Lemp Avenue.