Six Peak Capital affiliate plans 110-unit apartment in Westlake
Project seeks approval from LA to increase density, reduce open space in exchange for affordable set asides
A company tied to Six Peak Capital filed plans for a 110-unit apartment building in Westlake.
The eight-story project would rise at 2859-2883 Francis Avenue, a few blocks from MacArthur Park, records show. It would replace four small apartment buildings that appeared to be vacant as of this spring.
The development site is about two-thirds of an acre. The developer paid $7.8 million for the property in February of this year, according to property records.
New York-based Six Peak Capital invests in co-living properties in the U.S., according to its website. The firm did not immediately return a call for comment.
Six Peak has invested in co-living firm Common and last year hired Cushman & Wakefield to raise $1 billion in debt and equity to fund an expansion.
The developer for the Francis Avenue project is seeking entitlements through the city’s Transit Oriented Communities program. The program allows developers to exceed existing zoning limits on height, density, as well as use other entitlements in exchange for setting aside a percentage of units at below market-rate rents. In this case, the developer is requesting a density bonus and reductions in open spaces.