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.