Construction has begun and is progressing for a co-living project proposed at 4914 West Melrose Avenue in East Hollywood, Los Angeles. The project proposal includes the development of a co-living apartment complex with onsite parking and amenities.
New York-based real estate investment firm Six Peak Capital is the project developer. The Albert Group Architects is managing the design concepts and construction.
Named Magnolia, aluminum panels are starting to appear at the seven-story co-living project. The apartment complex will feature 42 studios, three-bedroom, four-bedroom, and five-bedroom apartments. A parking facility with a capacity of 28 vehicles will be designed on the site.
Renderings reveal a podium-style structure featuring onsite amenities like a community room, a central courtyard, and a rooftop deck.
In exchange for Transit-Oriented Communities development incentives, permitting a larger structure than allowed by zoning rules, Six Peak will set aside five apartments as deed-restricted extremely low-income affordable housing.
The metal facade is taking shape at the southeast corner of Melrose Hill and Oxford Avenue, and the $16-million development is on pace to open later this year.
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I may have more information about the project please.