A new multifamily residential development is taking shape one block northwest of the Vermont/Beverly subway station in East Hollywood.
The project, which was approved by the City of Los Angeles in 2019, is rising from a property located at 4055-4065 Oakwood Avenue. Plans call for the construction of a five-story edifice featuring 68 studio, one-, and two-bedroom apartments above a parking garage for 85 vehicles.
The project was entitled using density bonus incentives to achieve greater height and floor area than would otherwise be allowed for a by-right development. In exchange, approved plans will require 14 of the apartments to be set aside as deed-restricted affordable housing at the low- and very low-income levels.
The development site was previously improved with a total of 20 apartments, which were vacated via the Ellis Act, according to city records.
Los Angeles-based B. Raeen Construction Inc. is designing the project, which is depicted in renderings as a contemporary podium-type building clad with wood panels and stucco. The apartment complex will have a U-shaped footprint, surrounding a central courtyard. Two rooftop decks will overlook Oakwood Avenue, while a community room is also planned for the building's interior.
City records list the owner of the development site as Oakwood CA, LLC, which took control of the site in December 2020 after purchasing it for $6.25 million, according to Los Angeles County Assessor's records. The Mid-Wilshire-based entity is managed by Gagandeep Lakhmna, a developer best known for building multifamily housing in Philadelphia.
The Oakwood Avenue development is the latest in a recent series of apartment buildings near the Vermont/Beverly Metro station, following a 490-unit development planned at the former site of Midway Ford, and Enlightenment Plaza, a proposed permanent supportive housing project which would rise just north of Beverly Boulevard.
- 4055-4065 Oakwood Avenue (Urbanize LA)