MCAP Partners adds another multifamily project in Hollywood

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.