Local developer Oakmont Capital is proceeding with construction of a multifamily residential building near the border between Los Angeles and Santa Monica.
The project, located at the northeast corner of Santa Monica Boulevard and Centinela Avenue, consists of a five-story building featuring 50 one- and two-bedroom apartments - including five affordable units - atop two levels of basement parking.
Reed Architectural Group is designing the wood-frame structure, which will have an exterior finishes including stucco, painted metal panels, and concrete. Renderings depict a contemporary low-rise structure with glass balconies facing Centinela Avenue.
The developer purchased the development site at 12431 Rochester Avenue in 2017 for just over $7 million.
In addition to its project in the Sawtelle area, Oakmont Capital has invested heavily in Palms. The company has three mixed-use buildings planned at 3547, 3565, and 3664 Overland Avenue, and is finishing the buildout of two multifamily residential buildings on Dunn Drive.
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