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Oakmont Capital, a Los Angeles-based development firm, is now midway through construction on a five-story apartment building in the Palms neighborhood.

The project, located mid-block on Dunn Drive between Washington and Venice Boulevards, replaces a single family residence and two parking lots.  The completed development will offer 40 one- and two-bedroom apartments above a surface parking lot.

A rendering of the project, which is described as the Dunn 40, shows a contemporary mid-rise building wrapping around a podium-level courtyard.

The property is located directly across the street from the 3838 apartments, a larger multifamily residential complex which is being developed by California Landmark Group.

Image via Oakmont Capital

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Senior Affordable Housing Opens Near Orange County's Great Park

The two-building development features 157 apartments.
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Developers Related California and FivePoint have opened a new affordable housing complex near Irvine's Great Park.  The project, called Luxaira, features 157 residential units catering to low-income seniors.  It is the second senior affordable development to be built in the Great Park neighborhoods by Related, FivePoint, and collaborator RCC Charitage.  To date, more than 500 affordable housing units have been built around the park in four separate projects.