New York-based real estate investment firm Six Peak Capital has broken ground on a multifamily residential development in the East Hollywood community.
The project, located at the southeast corner of Melrose and Oxford Avenues, calls for the construction of a seven-story building containing 42 apartments above a 28-car garage. Approved plans allow for a mix of studio, three-, four-, and five-bedroom dwellings - including five reserved as affordable housing at the extremely low-income level.
The website of Six Peak Capital indicates that the project is called Magnolia, and is slated to operate as a co-living community.
The Albert Group Architects is designing the housing development, which will be clad in a combination of cement plaster and aluminum panels.
The approximately $16-million development is expected to open in approximately 18 months, according to a representative of Six Peak Capital.
The development site is located one block west of the intersection of Melrose and Serrano Avenues, where construction is now underway for a similar project featuring 51 apartments and ground-floor retail space.
- 4914 Melrose Avenue (Urbanize LA)