A 3rd apartment complex proposed for same block in Palms

Combined, the projects would add 370 residential units to the same block

Los Angeles /
Apr.April 26, 2019 01:00 PM
3547 South Overland Avenue (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
CIM Group's Shaul Kuba and a rendering of 3105 South Western Avenue (CIM, Bittoni Architects)
CIM group files more plans in South LA
CIM group files more plans in South LA
A photo illustration of the planned Vermont Lofts project at 966 South Vermont Avenue (SO.LA, Inc., iStock)
Goodbye Dragon, hello housing: Yet another apartment complex planned for Koreatown
Goodbye Dragon, hello housing: Yet another apartment complex planned for Koreatown
Interwest Capital Group CEO Alex Roudi and 551 East Riverside Drive in Ontario, CA (Interwest Capital, Rent.com)
Interwest Capital buys 142-unit apartment complex at Ontario Ranch
Interwest Capital buys 142-unit apartment complex at Ontario Ranch
Lyon Living's Frank Suryan Jr. and The Herald complex at 150 East Crowther Avenue (Lyon Living, Herald Apartments)
Lyon Living set new benchmark on multifamily pricing with sale in north OC
Lyon Living set new benchmark on multifamily pricing with sale in north OC
Irvine's Donald Bren and Douglas Emmett's Jordan Kaplan with 1221 Ocean Avenue (Irvine Company, UCLA Anderson school, 1221 Ocean Avenue)
Bren’s Irvine Co. in record territory at $2.7M per unit for Santa Monica apartments
Bren’s Irvine Co. in record territory at $2.7M per unit for Santa Monica apartments
Wood Partners' Joseph Keough with Foothill Boulevard (Wood Partners, Ontario Daily Bulletin. iStock)
260-unit apartment complex gets OK on Route 66
260-unit apartment complex gets OK on Route 66
6909-6923 North Reseda Boulevard (Google Maps)
Developer plans five-story apartment building in Reseda
Developer plans five-story apartment building in Reseda
14606-14612 West Sylvan Street (Google Maps)
Developer plans five-story apartment in Van Nuys
Developer plans five-story apartment in Van Nuys
arrow_forward_ios

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

Loading...