MCAP Partners adds another multifamily project in Hollywood

Orange Flats will rise next to a larger one the firm is developing

Los Angeles /
Apr.April 10, 2019 05:00 PM
Alex Massachi and a rendering of the project

UPDATED, April 11, 8: 22 a.m.: MCAP Partners is squeezing all it can out of Orange Drive.

The local developer has filed plans to build a 24-unit project on the Hollywood street, set to rise a few steps from where it is developing a larger residential tower.

Dubbed Orange Flats, the 40,900-square-foot complex would be five stories, with units ranging from 600 to 1,650 square feet. It will also include amenities such as a Peloton bike room, screening room, landscaped rooftop deck and lounge area. The firm paid $3.7 million to acquire the two-parcel property, located at 1130 North Orange Drive, last December, property records show.

Rents will range from$2,750 for a one-bedroom up to $5,750 for a two-bedroom.

Renderings by R&A Architecture and Design reveal the building’s facade will have perforated metal screens and cement board panels. There will also be several terraces, made possible by the structure’s slanted design.

Alex Massachi, executive vice president at MCAP, said the firm recently filed for entitlements and plans to begin construction in the fall.

The firm is also working on a 105-unit multifamily project on the corner of Orange Drive and Santa Monica Boulevard. Designed by Steinberg Hart, the mixed-use, 13-story tower was recently redesigned to take advantage of the city’s Transit Oriented Communities incentives.

Both projects are slated to rise near Onni Group’s proposed seven-story complex at 6901 Santa Monica Boulevard. The Canadian developer has already started construction at the site, which will include 231 residential units and 15,000 square feet of commercial space upon completion.

Correction: An earlier version of this story misstated the square footage of units and price MCAP paid for parcels.


Related Articles

arrow_forward_ios
From left: 185 South State College Boulevard, 821 South Myrtle Avenue, Industrious' Jamie Hodari and AvalonBay’s Benjamin Schall (Google Maps, Industrious, AvalonBay Communities)
Industrious adds apartment sites to coworking footprint
Industrious adds apartment sites to coworking footprint
A rendering of 4827 South Crenshaw Boulevard (Hopson Rodstrom Design)
32-unit apartment complex planned for Hyde Park
32-unit apartment complex planned for Hyde Park
A photo illustration of A.J. Khair principal Demetri Samaha along with renderings of 1919 North Wilcox Avenue (A.J. Khair, GA Engineering, Inc., Getty Images)
A.J. Khair to add 65 apartments to Hollywood inventory
A.J. Khair to add 65 apartments to Hollywood inventory
Mike Sullivan and rendering for 6000 W. Hollywood Blvd (The Sullivan Family, Getty Images)
Toyota of Hollywood could turn into a retail village
Toyota of Hollywood could turn into a retail village
Crow Holdings development CEO Ken Valach and rendering of Westside Gateway (Studio 11, Crow Holdings)
Trammell Crow Residential buys land for major project in Long Beach
Trammell Crow Residential buys land for major project in Long Beach
Ledcor's Dave Lede and Arnel & Affiliates' George Argyros with 1801 East Fourth Street (Ledcor Group, US State Department Public domain via Wikimedia Commons, Google Maps)
Argyros family firm sells Santa Ana site for $51M
Argyros family firm sells Santa Ana site for $51M
Carmel Partners CEO Ron Zeff and a rendering of the apartment building in Sawtelle (Carmel Partners, TCA Architects)
Sawtelle gains density with huge Carmel Partners project
Sawtelle gains density with huge Carmel Partners project
From left: MG Properties' Mark Gleiberman and Intercontinental Real Estate's Peter Palandjian with 30856 Agoura Rd
Joint venture pays $87M for Agoura Hills apartment complex
Joint venture pays $87M for Agoura Hills apartment complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...