Almost a year after we last stopped by, the metal exterior of a new co-living apartment complex is taking shape in East Hollywood's Melrose Hill neighborhood.

Construction in progress at 4914 W Melrose AvenueUrbanize LA

The project at the southeast corner of Melrose and Oxford Avenues, named Magnolia, is being developed by New York-based real estate investment firm Six Peak Capital.  The seven-story podium structure will feature 42 studio, three-, four-, and five-bedroom apartments above parking for 28 vehicles. 

In exchange for Transit Oriented Communities development incentives, permitting a larger structure than allowed by zoning rules, Six Peak will be required to five apartments as deed-restricted extremely low-income affordable housing.

The Albert Group Architects is designing the project, which will include a community room, a central courtyard, and a rooftop deck overlooking Melrose Avenue.

4914 Melrose AvenueGoogle Maps

The approximately $16-million development is on pace to open later this year.

The project site sits one block west of the intersection of Melrose and Serrano Avenues, where a similar project featuring 51 apartments and ground-floor retail space recently debuted.