Category: Cityview

Cityview sells equity share of Koreatown’s “The Pearl on Wilshire” to a group led by Hankey Investment Company for a total asset value of $170.87 million

The Pearl on Wilshire
Cityview announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. (Credit Guettler Photography)


Cityview, a premier urban multifamily investment management and development firm, today announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. Cityview developed the 346-unit apartment community on land originally entitled by Hankey Investment Company and sold its interest to a group led by Hankey Investment Company for a total asset value of $170.87 million. The Pearl achieved lease-up in 10 months at above pro forma rents after opening to tenants in the summer of 2018.

“Cityview is proud to have executed on its business plan for The Pearl and we are confident the buyer group will ensure it continues its success as Koreatown’s market-leading community,” said Sean Burton, CEO of Cityview. “The community exceeded our lease-up expectations and was sold at a record-breaking price per square foot.”

Cityview partnered with CBG Building Company, VTBS Architects and Nadia Geller Designs on the original construction of The Pearl, which was completed in June 2018.

Located at 687 S. Hobart Blvd, the mixed-use development features 17 unique floor plans with a blend of studio, one- and two-bedroom units above 8,300 square feet of carefully curated retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings, oversized balconies and panoramic city views of Koreatown. An Orangetheory Fitness, Alchemist Coffee Project and The Carving Board artisan sandwich shop cater to residents and the community in the ground-floor retail portion of the building.

Community amenities include a large pool deck with cabanas and lounge seating, rooftop terrace with a fireplace and sweeping city views, Korean BBQ grills, game and club room, state-of-the-art fitness center with a yoga room and Fitness On-Demand, dog agility center and grooming spa, and three open-air lounges with firepits and a bocce ball court.

The Think Space conference room and 24-hour business center, with computers and printers, add extra conveniences for professionals working remotely. The Pearl’s lobby features an Uber/Lyft waiting area, complimentary Wi-Fi, charging stations, 24-hour concierge, secure fob entry access and a grab-and-go coffee bar. For the convenience of its residents, the community also coordinates lifestyle services such as dog walking, dry cleaning and housekeeping services.

“The Pearl stands apart with an exceptional contemporary aesthetic, distinct focus on healthful living, carefully curated amenity package and prime location,” added Burton. “Cityview and Hankey Investment Company are proud to be part of Koreatown’s revitalization with this development, bringing much-needed housing to one of the fastest-growing submarkets in Los Angeles.”

In 2019 the community was awarded the Kingsley Excellence Award, a recognition that distinguishes communities that outperform the Kingsley Index Industry benchmark for overall resident satisfaction. The Pearl is also pending Fitwel certification for its focus on residents’ health and wellbeing, as evidenced by its walk score of 97, convenient access to public transportation and large indoor bicycle storage facility.

Koreatown is known for its vibrant history, buzzing nightlife and rich food scene. Nearby attractions include The Wiltern, The Line Hotel, Korean American National Museum, CGV Cinemas Movie Theater and Pharaoh Karaoke Lounge.

Greg Harris of IPA represented Cityview in the transaction.



Cityview sells equity share of Koreatown’s “The Pearl on Wilshire” to a group led by Hankey Investment Company for a total asset value of $170.87 million

The Pearl on Wilshire
Cityview announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. (Credit Guettler Photography)

Cityview, a premier urban multifamily investment management and development firm, today announced the sale of its equity share of The Pearl on Wilshire—a luxury mixed-use development in Los Angeles’ Koreatown. Cityview developed the 346-unit apartment community on land originally entitled by Hankey Investment Company and sold its interest to a group led by Hankey Investment Company for a total asset value of $170.87 million. The Pearl achieved lease-up in 10 months at above pro forma rents after opening to tenants in the summer of 2018.

“Cityview is proud to have executed on its business plan for The Pearl and we are confident the buyer group will ensure it continues its success as Koreatown’s market-leading community,” said Sean Burton, CEO of Cityview. “The community exceeded our lease-up expectations and was sold at a record-breaking price per square foot.”

Cityview partnered with CBG Building Company, VTBS Architects and Nadia Geller Designs on the original construction of The Pearl, which was completed in June 2018.

Located at 687 S. Hobart Blvd, the mixed-use development features 17 unique floor plans with a blend of studio, one- and two-bedroom units above 8,300 square feet of carefully curated retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings, oversized balconies and panoramic city views of Koreatown. An Orangetheory Fitness, Alchemist Coffee Project and The Carving Board artisan sandwich shop cater to residents and the community in the ground-floor retail portion of the building.

Community amenities include a large pool deck with cabanas and lounge seating, rooftop terrace with a fireplace and sweeping city views, Korean BBQ grills, game and club room, state-of-the-art fitness center with a yoga room and Fitness On-Demand, dog agility center and grooming spa, and three open-air lounges with firepits and a bocce ball court.

The Think Space conference room and 24-hour business center, with computers and printers, add extra conveniences for professionals working remotely. The Pearl’s lobby features an Uber/Lyft waiting area, complimentary Wi-Fi, charging stations, 24-hour concierge, secure fob entry access and a grab-and-go coffee bar. For the convenience of its residents, the community also coordinates lifestyle services such as dog walking, dry cleaning and housekeeping services.

“The Pearl stands apart with an exceptional contemporary aesthetic, distinct focus on healthful living, carefully curated amenity package and prime location,” added Burton. “Cityview and Hankey Investment Company are proud to be part of Koreatown’s revitalization with this development, bringing much-needed housing to one of the fastest-growing submarkets in Los Angeles.”

In 2019 the community was awarded the Kingsley Excellence Award, a recognition that distinguishes communities that outperform the Kingsley Index Industry benchmark for overall resident satisfaction. The Pearl is also pending Fitwel certification for its focus on residents’ health and wellbeing, as evidenced by its walk score of 97, convenient access to public transportation and large indoor bicycle storage facility.

Koreatown is known for its vibrant history, buzzing nightlife and rich food scene. Nearby attractions include The Wiltern, The Line Hotel, Korean American National Museum, CGV Cinemas Movie Theater and Pharaoh Karaoke Lounge.

Greg Harris of IPA represented Cityview in the transaction.

Cityview sells Costa Mesa multifamily property for record-setting price

Baker Block Exterior
Cityview announced the sale of Baker Block, a 240-unit multifamily property in Costa Mesa. (Credit Paul Vu)

Cityview, a premier investment management and development firm dedicated to redefining urban living, today announced the sale of Baker Block, a 240-unit multifamily property in Costa Mesa. The apartment community, which completed ground-up construction in 2018, was sold to Baker Block Associates, LP for $113.5 million. At $473,000 per door, Baker Block is one of the highest price-per-unit sales ever recorded for a mid-rise multifamily rental product in Orange County.

“Cityview took great strides to position Baker Block as an alternative to comparable product in the area, creating a unique living environment, connectivity to the local community and an elevated resident experience,” said Sean Burton, CEO of Cityview. “Baker Block exceeded our lease-up expectations and achieved one of the highest per-unit sale prices in the area. After leasing the project we saw significant investor interest in the market, which helped inform our decision to sell.”

Baker Block Associates, LP plans to hold the asset long-term and continue Baker Block’s current operations as a Class A multifamily apartment community. Located at 125 Baker Street East, the apartment complex features studio, one-, two- and three-bedroom units, and a variety of amenities including a resort-style poolside retreat, indoor/outdoor clubroom with full kitchen and wet bar, a two-story IMPACT fitness center with yoga and spin studios, rooftop sky lounge and gaming space, dog park with agility equipment, grab-and-go coffee bar, pet wash and multi-purpose spaces for relaxing, entertaining, events and co-working.

The community has become a local landmark, featuring Orange County’s largest mural created by world-renowned street artist Shepard Fairey, who also designed President Barack Obama’s iconic “Hope” poster during the 2008 election.

“We are very excited about our recent acquisition of Baker Block,” said a representative from Baker Block Associates LP. “We have long been looking to enter the Orange County multifamily submarket and believe our acquisition speaks to how highly we view Costa Mesa and all it has to offer. With a high barrier to entry and burgeoning social scene, Costa Mesa is absolutely somewhere that we wanted to be for the long-term.”

Cityview partnered with Red Oak Investments, Johnstone Moyer, Inc., AO and Inovus Design on the original construction of Baker Block. The 181,155-square-foot community opened to tenants in December 2017.

“We very much enjoyed working with Red Oak and each of our other partners on this development,” said Tony Cardoza, senior vice president and managing director at Cityview.

Baker Block has received several notable industry awards, including PCBC’s Gold Nugget Merit Award for Best Multifamily Community and MultiHousing News’ Excellence Award for Best Mid-Rise New Development and Design. The community was also awarded the 2019 Kingsley Excellence Award for Resident Satisfaction for going above and beyond to ensure residents are satisfied with their living experience.

“It was a pleasure working with Baker Block Associates, LP on the transaction, and we are confident that they will continue Baker Block’s best-in-class service as one of the top multifamily communities in Orange County,” said Burton.

Tom Moran Jr. from Moran & Company represented Cityview in the transaction.

Cityview sells Los Angeles Opportunity Zone project to Virtu Investments, LLC for $70.5 million

Mira Exterior (credit LCP 360)
Cityview announced the opportunity zone sale of Mira, a 174-unit multifamily Los Angeles community to Virtu Investments, LLC for $70.5 million


Cityview, a premier urban multifamily investment management and development firm, today announced the sale of Mira, a 174-unit multifamily community in the San Fernando Valley Region of Los Angeles. An opportunity zone deal, Cityview sold the Warner Center apartment community for $70.5 million to Virtu Investments, LLC.

“We believe this is one of the first opportunity zone sales of its kind, which is very exciting for Cityview and the buyer,” said Sean Burton, CEO of Cityview. “While it is unusual that we would sell a property prior to completion, the timing of the sale at this stage of construction provides the buyer an opportunity to take full advantage of the opportunity zone program in an area that is experiencing high demand for new housing.”

Consisting of studios, one-bedroom and two-bedroom units, the community features five stories of apartments over a podium, with subterranean and at-grade parking. Amenities include a resort-style pool with a spa and cabanas, state-of-the-art gym with Peloton bikes and yoga studio, outdoor terraces, a virtual reality room, Zen-inspired meditation spaces, game and screening rooms and co-working spaces. A five-story mural of a woman’s profile will serve as a focal point for the property’s exterior, while a complementary mural lines the poolside.

Mira’s outdoor green space features a putting green, garden, stretch and workout space, seating and gathering areas, BBQs and a lounge with a fireplace. Designed to qualify for LEED Silver certification, a 35,000-gallon rainwater harvesting system captures all onsite rainwater and reuses it to irrigate onsite landscaping.

“Mira couples contemporary design with deluxe amenities to bring a modern, metro oasis to Warner Center,” added Burton. “The area has experienced significant growth in recent years, and Cityview is proud to help support the increased need for housing and take part in its revitalization with the addition of Mira.”

Located at 21425 Vanowen St., Cityview originally acquired the site in March 2016. The developer partnered with WPIC Construction LLC, Ken Stockton Architects, Togawa Smith Martin, Inc. and Nadia Geller Designs on the construction of the project, which is expected to complete by the end of the year.

“We are excited to be able to make a low-risk, long-term investment in such a promising Qualified Opportunity Zone,” said Michael Green, Virtu Investments Managing Partner. “It’s especially gratifying to be able to provide residents of Warner Center a truly premium apartment community, with convenient access to excellent public transportation, at rent rates that are significantly more affordable than most commuter suburbs of Los Angeles.”

In the heart of one of Los Angeles’ fastest-growing communities, Warner Center, Mira is within walking distance of a multitude of dining, entertainment and shopping offerings.

Eastdil Secured’s Joseph Smolen and Mark Peterson represented Cityview in the transaction.



Cityview sells Los Angeles Opportunity Zone project to Virtu Investments, LLC for $70.5 million

Mira Exterior (credit LCP 360)
Cityview announced the opportunity zone sale of Mira, a 174-unit multifamily Los Angeles community to Virtu Investments, LLC for $70.5 million

Cityview, a premier urban multifamily investment management and development firm, today announced the sale of Mira, a 174-unit multifamily community in the San Fernando Valley Region of Los Angeles. An opportunity zone deal, Cityview sold the Warner Center apartment community for $70.5 million to Virtu Investments, LLC.

“We believe this is one of the first opportunity zone sales of its kind, which is very exciting for Cityview and the buyer,” said Sean Burton, CEO of Cityview. “While it is unusual that we would sell a property prior to completion, the timing of the sale at this stage of construction provides the buyer an opportunity to take full advantage of the opportunity zone program in an area that is experiencing high demand for new housing.”

Consisting of studios, one-bedroom and two-bedroom units, the community features five stories of apartments over a podium, with subterranean and at-grade parking. Amenities include a resort-style pool with a spa and cabanas, state-of-the-art gym with Peloton bikes and yoga studio, outdoor terraces, a virtual reality room, Zen-inspired meditation spaces, game and screening rooms and co-working spaces. A five-story mural of a woman’s profile will serve as a focal point for the property’s exterior, while a complementary mural lines the poolside.

Mira’s outdoor green space features a putting green, garden, stretch and workout space, seating and gathering areas, BBQs and a lounge with a fireplace. Designed to qualify for LEED Silver certification, a 35,000-gallon rainwater harvesting system captures all onsite rainwater and reuses it to irrigate onsite landscaping.

“Mira couples contemporary design with deluxe amenities to bring a modern, metro oasis to Warner Center,” added Burton. “The area has experienced significant growth in recent years, and Cityview is proud to help support the increased need for housing and take part in its revitalization with the addition of Mira.”

Located at 21425 Vanowen St., Cityview originally acquired the site in March 2016. The developer partnered with WPIC Construction LLC, Ken Stockton Architects, Togawa Smith Martin, Inc. and Nadia Geller Designs on the construction of the project, which is expected to complete by the end of the year.

“We are excited to be able to make a low-risk, long-term investment in such a promising Qualified Opportunity Zone,” said Michael Green, Virtu Investments Managing Partner. “It’s especially gratifying to be able to provide residents of Warner Center a truly premium apartment community, with convenient access to excellent public transportation, at rent rates that are significantly more affordable than most commuter suburbs of Los Angeles.”

In the heart of one of Los Angeles’ fastest-growing communities, Warner Center, Mira is within walking distance of a multitude of dining, entertainment and shopping offerings.

Eastdil Secured’s Joseph Smolen and Mark Peterson represented Cityview in the transaction.