CBRE Brokers Sale of Koreatown Project Site
- Jan 18, 2018
CBRE has closed the sale of a multifamily redevelopment site in Koreatown, Los Angeles, for $14 million. Harvard 826 Property LLC, a private investor, sold the asset to Jamison, a privately held real estate investment and operating company. CBRE worked on behalf of the seller in the deal.
Located at the corner of 8th Street and Harvard, the site is a collection of parcels and is currently occupied by vacant assets, which will be replaced with a new development. The land is fully entitled for the construction of a 131-unit community, which will feature 4,150 square feet of commercial space. The property, with access to three metro stations, qualifies as a transit-oriented development. The Wilshire Western Station is within 10 minutes of the asset.
“This site is ideally located in Koreatown’s 8th Street Corridor, which continues to attract investment capital and new developments,” said Lustig-Bower of CBRE, in prepared remarks. “Housing in this vibrant part of town has been in high demand, and a project like this is sure to be a big success.” Bower and Kamran Paydar represented the seller in the transaction.
Koreatown has become one of the strongest rental markets of Los Angeles, with 97 percent occupancy rate. The neighborhood is in the heart of the metro, within few minutes of downtown Hollywood, Wilshire Boulevard’s Miracle Mile and Beverly Hills.
The construction of The Mariposa—another Koreatown multifamily project—kicked off just last week. The property will feature 121 residential units and 4,600 square feet of commercial space.
Image courtesy of CBRE