Six Peak Capital, a New York-based firm, has secured a Planning Commission greenlight for a five-story, 110-unit project in the Central L.A. neighborhood of Westlake.
The L.A. Planning Commission upheld the project approvals at a meeting last week after a neighborhood group, the Coalition for an Equitable Westlake MacArthur Park, had filed an appeal in an attempt to block it, Urbanize LA reported.
Six Peak Capital’s project is located at 2859 West Francis Avenue, about a block east of busy Vermont Avenue and several blocks west of MacArthur Park. The location puts the project near the eastern edge of densely populated Koreatown, a neighborhood that in recent years has emerged as among L.A.’s hottest areas for new multifamily development.
Since it launched in 2016, Six Peak Capital has amassed a portfolio of around 50 properties totalling more than 3,100 units, according to the firm’s website, including 20 properties in New York, nine in Seattle and two in Chicago. The firm also has 19 projects in L.A., including co-living apartments in East Hollywood and Mar Vista.
The project on Francis Avenue is slated to include 11 extremely low-income apartments as part of the City of L.A.’s Transit Oriented Communities program, which grants projects near public transit exemptions from zoning and other regulations. The project is located several blocks from the Wilshire/Vermont Avenue Metro station.
Renderings show a white, brown and red brick building in a U-shape, with exterior terraces and an outdoor deck. Plans also call for semi-underground parking for 76 vehicles.
— Trevor Bach