Oakmont Capital, which is developing two residential projects on the same street in Palms, appears ready to add a third to the mix. Combined, those three projects on South Overland Avenue would add 370 residential units to the area.
An LLC tied to Oakmont’s executives owns the site at 3547 S. Overland. An anonymous applicant has filed plans to build a 64-unit apartment complex there. It is steps away from the two other projects that the West Hollywood-based investment firm is developing, records show.
Simon Lazar, who runs Oakmont, and Isaac Mostadim, a managing director, bought the nearly 5,000-square-foot lot at 3547 S. Overland for $1.4 million last year, property records show. No one at the firm returned requests for comment.
Last month, Oakmont filed plans to build a 119-unit mixed-use project at 3565 Overland Avenue. The application came about a year after it requested approvals for a 187-unit building a few steps away.
The 64-unit project would rise six stories and include about 1,400 square feet of ground-floor commercial space. There would also be parking for 69 cars and 52 bikes, according to the filing. It would also seek Transit Oriented Communities incentives. In exchange for building six affordable units, the developers are seeking incentives relating to height and yard requirements.