Oakmont Capital is building a mini multifamily empire in Palms

The real estate investment and development firm has been homing in on the community near booming Culver City

Oct.October 23, 2019 01:00 PM
3301 South Canfield Avenue (Credit: Google Maps and iStock)
3301 South Canfield Avenue (Credit: Google Maps and iStock)

UPDATED, 5:30 p.m., Oct. 23: Oakmont Capital, which has a string of apartment and mixed-use projects under development in Palms, has its sights set on another one in the Westside community.

The company filed plans for a 50-unit apartment building to rise at 3301 South Canfield Avenue, records show.

Oakmont, the Beverly Hills-based real estate investment and development firm, has roughly half-a-dozen projects in various stages of construction in Palms. The neighborhood is near Culver City, which has attracted media and tech firms, boosting commercial and residential development.

“We ’d like to be involved more in Palms. We really like the area,” company co-founder Simon Lazar said in an interview Wednesday, noting the area’s proximity to the light-rail station on the Expo Line of Los Angeles Metro.

For the latest project, Lazar is again requesting density bonuses and other incentives as part of the city’s Transit Oriented Communities program, records show. The program provides incentives that encourage market-rate developers to include affordable units in projects located near transit hubs.

Oakmont previously announced plans to develop a 119-unit mixed-use project in Palms, and a 187-unit project there. The company has 0ver 300 units in various stages of development in the area.

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