The project, which is being built by New York-based real estate investment firm Six Peak Capital, will consist of a seven-story structure with 42 studio, three-, four-, and five-bedroom apartments above parking for 28 vehicles. In exchange for Transit Oriented Communities development incentives, Six Peak will set aside five apartments as deed-restricted extremely low-income affordable housing.
The Albert Group Architects is designing the project, which will have an exterior of cement plaster and aluminum panels. Floor plans show that the building would include a community room, a central courtyard, and a rooftop amenity deck overlooking Melrose Avenue.
At the time of Magnolia's groundbreaking in February, the approximately $16-million development was expected to open in approximately 18 months.
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 is also under construction.
- 4914 Melrose Avenue (Urbanize LA)