Jamison Properties Sells Koreatown Property for $32M

Completed in 2018, the 72-unit Maya Apartments changed ownership at a 4 percent cap rate.
The Maya Apartments. Image courtesy of CBRE

Jamison Properties has sold the 72-unit The Maya Apartments in Los Angeles’ Koreatown submarket. Yardi Matrix data shows the property was developed in 2018 using a $23 million construction loan from Deutsche Bank. Omninet Capital purchased the property for $32.4 million, or $465 per square foot, at a 4 percent cap rate.

Located at 535 S. Kingsley Drive, the asset is close to key employment centers along the Wilshire Corridor, as well as Downtown Los Angeles, Hollywood, Beverly Hills and Century City. Additionally, the six-story building is near two subway portals and has a WalkScore of 89. The Maya Apartments comprises one- and two-bedroom apartments and common-area amenities that include a rooftop deck, fitness center and pool.

Executive Vice President Laurie Lustig-Bower and Vice President Kamran Paydar from CBRE worked on behalf of the seller. At the beginning of the year, the duo was part of the team that brokered the sale of Four Trees in Cerritos, Calif. The 150-unit property changed hands for $48.6 million.