A 110-unit apartment project is moving ahead in Los Angeles, after recently receiving approval from City officials. The project, by Six Peak Capital, was approved last month and will soon take shape along Francis Street in the city’s Koreatown neighborhood.
According to project plans, the development – located at 2869 Francis Street – would total 57,000 square feet and include 110 micro-units consisting of 101 studio apartments, three one-bedroom, five two-bedroom and one three-bedroom apartment units.
The project also includes 11 affordable housing units. On average, units would reach 360 square feet, according to Albert Group, the architecture firm behind the project’s designs.
Overall, the building would reach five stories upon completion, with four levels over a subterranean parking garage with space for 69 vehicles.
Just west of downtown Los Angeles, the project is near an array of retail amenities. The site is also just several blocks away from MacArthur Park and near a number of bus stops.
The developer of the project, Six Peak Capital, is a development and investment firm with more than 50 investments in five markets, including Los Angeles, Seattle, San Francisco, New York and Chicago. The firm primarily focuses on multifamily properties, developing affordable communities, co-living and micro-unit apartment buildings. In Los Angeles, Six Peak Capital’s portfolio consists of 19 communities and 1,528 units, according to the company’s website.
Overall, the Koreatown neighborhood has seen a number of planned developments over the past several months. One project that recently received approval was Jamison Services’ 120-unit apartment project at 975 Manhattan Place, according to previous reporting from The Registry. With designs from DFH Architects, the project includes the construction of a 95,206 square foot, seven-story apartment building.
BRIDGE Housing Corp. also is planning a 95-unit affordable housing development designed by KTGY, an announcement from the architecture firm showed. The development would take shape at 711 New Hampshire and also includes the redevelopment of the Children’s Institute Campus.
