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.”
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.