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Edmond Bina of BRC Advisors has announced the sales of 12431 Rochester Avenue, a vacant retail site in West Los Angeles.

The property, located at the northeast corner of Centinela Avenue and Santa Monica Boulevard, was purchased for more than $7 million by Simon Lazar and Sam Mostadim of the development Oakmont Capital.  The property is entitled for a 50-unit apartment building, featuring a mixture of one- and two-bedroom units.

A groundbreaking for the project is anticipated later this year.

The project, which is being designed by Reed Architectural Group, is portrayed as a contemporary five-story building clad with stucco and metal siding.

Rendering by Reed Architectural Group
Image via Google Maps

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Two Affordable Housing Projects Poised for $31 Million in Funding

The projects would create over 90 units reserved for low-income residents.
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Earlier this month, the Los Angeles City Council approved $31 million in funding for affordable housing in Westlake and near USC.