Capri, TruAmerica Acquire L.A.’s Vermont
- Jul 31, 2014
Los Angeles—A partnership between Capri Capital Partners LLC and TruAmerica Multifamily LLC has acquired a 464-unit high-rise apartment community in Los Angeles for $283 million. The property, called the Vermont, is located in the city’s blossoming Koreatown area. Its acquisition has been hailed as perhaps the most significant multifamily, mixed-use transaction in California this year.
In addition to its residences, the building features 31,000 square feet of retail space and a quarter-acre public courtyard along Wilshire Boulevard. It consists of two towers, one 29 stories, the other 23 stories in height.
Exclusive resident amenities of the building include a shared, 16,500-square-foot sky lobby and lounge and a high-end, 3,300-square-foot FIT360 gym and luxury spa. There is also a sky deck pool and garden, business center, 24-hour doormen, club party room and open space within the dense urban setting.
The Vermont was purchased from a partnership including Washington Capital Management, a manager of investments for union pension funds in Washington State, and Los Angeles-based JH Snyder Development, which in its six decades has carved out a reputation as a prolific developer of signature projects.
In the few months since it opened, the Vermont has appealed to a varied resident base. Most residents are young professionals seeking a high-tech, service-driven lifestyle benefiting from amenities of the highest order.
“The Vermont has an extraordinary design, and is a quality, trophy-level asset that was an ideal acquisition for Capri and our investors,” Ken Lombard, vice chairman, investments and partner in Capri, tells MHN. “It is located in one of the most exciting and diverse neighborhoods in Los Angeles, Koreatown. Once we became aware of the opportunity to acquire the project, we were immediately very interested and worked hard to complete the purchase.”
L.A.‘s mid-city area is beckoning to both investors and residents, given its proximity to the University of Southern California and downtown Los Angeles.
The area is increasingly well served by public transit. In fact, the Wilshire/ Vermont Metro Station is located across the street from the Vermont.
“As would be the case with any deal of this size, the short timeframe for the acquisition presented the most challenges to our team,” Lombard says.
“However, thanks to the cooperative spirit between our partner, TruAmerica, and the seller, JH Snyder Company, a successful team effort took place, ensuring that the deal closed on time.”
The Capri/TruAmerica Multifamily ownership team has hired Lincoln Property Company to oversee professional property management. The ground level space will be home to retailers and eateries including Jimmy John’s Gourmet Sandwiches, Fatburger, PizzaRev, Wells Fargo Bank, Sugar Nails, AT&T and a new Samsung concept store. Starbucks is now open and operating in the space.
Over the years, Capri Capital has proven itself the type of owner that fully embraces the communities where it does business, Lombard says. “The JH Snyder team did a great job in creating strong relationships with the Koreatown community,” he adds. “And we fully intend to continue to build those relationships in the years to come.”