Los Angeles | apartmentcareers

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

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

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.

Greg Harris of IPA represented Cityview in the transaction.

Institutional Property Advisors brokers North Los Angeles county multifamily asset sale

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of The Summit at La Crescenta, a 92-unit apartment complex in La Crescenta-Montrose, California. The property sold for $34,525,000, which equates to $375,272 per unit.

“The Summit at La Crescenta is one of only five buildings greater than 50 units in La Crescenta-Montrose and over the past 20 years, just 44 units have been added as supply is constrained by the lack of available land and the difficulty of aggregating parcels,” said Kevin Green, IPA senior director. “As a result, the area is a largely underserved market, as evidenced by the 1 percent residential vacancy rate.”

Green, Joe Grabiec, IPA senior director, and Greg Harris, IPA executive director, represented the seller, a joint venture between Stockbridge and NNC Apartment Ventures, and procured the buyer, Raintree Partners. “The property has received many interior and common area improvements over the last five years and strategic renovations can further augment the income stream,” added Grabiec.

Built in 1964 on 3.75 acres, The Summit at La Crescenta is adjacent to the Angeles National Forest, approximately five miles from Glendale Community College and about 10 miles from Woodbury University. There are 1.4 million jobs within a 30-minute drive of the community in Burbank, Glendale, Pasadena, and Downtown Los Angeles. “La Crescenta-Montrose’s affluent demographics, such as average annual income of $126,598, low density and highly regarded school system make it one of the most desirable places to live in the Tri-Cities submarket, which also includes Burbank, Glendale, Pasadena, and La Canada-Flintridge,” noted Harris.

“Including Summit at La Crescenta, we have acquired eight assets in the Glendale/La Crescenta submarket for $114 million over the last nine months,” commented Raintree Partners managing director Aaron Hancock. “Our total portfolio in the area now totals 323 units and we intend to add more.”

CGI Strategies starts construction on third Koreatown multifamily development

837 Fedora — CGI Strategies started construction on a 200-unit apartment community at 837 S. Fedora in the heart of Los Angeles’ Koreatown.

Real estate investment and development firm CGI Strategies has started construction on a 200-unit apartment community at 837 S. Fedora in the heart of Los Angeles’ Koreatown. Fedora, which is being developed at a cost of $50 million, is CGI’s third ground-up multifamily development in the Koreatown neighborhood in the past 36 months.

Fedora is a seven-story concrete and wood building, over two levels of subterranean parking, that will feature a mix of studio, one- and two-bedroom floor plans ranging in size from 622 to 1,000 square feet. Each unit will feature walk in closets, balconies, stone countertops, contemporary lighting fixtures and stainless steel appliances. Ten percent of the units will be dedicated for low-income earners. Amenities will include a fully equipped fitness center, 6,500-square-foot community lounge and clubhouse, exterior courtyard and a 5,400-square-foot rooftop deck.

With Fedora, CGI continues to establish a significant footprint in Koreatown, a vibrant submarket located four miles east of downtown Los Angeles with a proven appeal to the millennial workforce. Having successfully brought to market 182 market-rate and affordable rental units, with an additional 121 units, 6,000 square feet of retail space and 125 hotel rooms in the pipeline, CGI is one of the most active multifamily developers in Koreatown.

The start of construction on Fedora coincides with the completion of the nearby Mariposa, a mixed-use development with 122-unit apartment homes over 4,600 square feet of street level retail space at 269 S. Mariposa Avenue, on the northwest corner of Mariposa and W. 3rd Street. CGI completed its first Koreatown development in 2018. Kodo, a 60-unit mixed-use development near the Wilshire/Vermont Metro Station was sold last month to a local investment firm for $30 million.

Members of the Fedora construction team include: Frymer Construction and KFA Architecture.

Construction is expected to be completed in April 2022.

Institutional Property Advisors brokers North Los Angeles county multifamily asset sale

CGI Strategies starts construction on third Koreatown multifamily development

Members of the Fedora construction team include: Frymer Construction and KFA Architecture.

Construction is expected to be completed in April 2022.

Stepp Commercial completes $10.7 million sale of Gramercy Hollywood a 28-unit apartment property in Los Angeles

Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $10.7 million sale of Gramercy Hollywood, a 28-unit apartment property located at 1836 N. Gramercy Place in one of the most coveted neighborhoods of Hollywood.

Executive Vice President Darin Beebower with Stepp Commercial represented the seller, a Los Angeles-based private investor, and also procured the buyer, an investment firm from Los Angeles. The closing cap rate was 4.3 percent, the price per unit was $383,143, and the price per square foot was $545.

The property recently underwent a complete transformation into a best-in-class asset featuring a modern style of living with luxury amenities. Originally built in 1964, the two-story property includes five two-bedroom units, 17 one-bedroom units and 6 studios. Twenty-one units were fully renovated and include stainless steel appliances (including microwaves and dishwashers), custom designer cabinetry, quartz countertops, tiled backsplashes, wood style flooring, recessed lighting, central HVAC, custom-tiled baths and in-unit washers and dryers.

“Led by media, tech and entertainment firms such as Netflix, Hollywood has become the fastest growing employment market in Southern California. As testimony to this economic momentum and its impact on housing demand, Gramercy Hollywood sold for the highest price per square foot of any renovated property over 15 units ever in Hollywood,” said Beebower.

Gramercy Hollywood is surrounded by Hollywood’s most famous landmarks, including the Hollywood Bowl, ArcLight Cinemas, Pantages Theatre, Fonda Theater, El Capitan Theatre, Dolby Theatre, Roosevelt Hotel, and the Hollywood Walk of Fame. Hollywood’s central location, expanded transit and access options, world class entertainment and nightlife, and the expansion of companies migrating to the area all serve to drive additional demand for new developments and renovation projects. Hollywood has been attracting many young professionals seeking a walkable, urban environment near entertainment employment centers, nightlife/recreation, restaurants and public transportation.

BLT Enterprises sells fully entitled apartment site in West Los Angeles for $13.75 million

BLT Enterprises, a multi-faceted real estate investment company based in Santa Monica, California, has sold a former gas station and parking lot in Los Angeles, California for $13.75 million.

BLT, with the help of their architects at KFA, land use counsel Dale Goldsmith and other consultants, obtained entitlements through the City of Los Angeles’ Transit Oriented Communities ordinance for a six-story, 119-unit apartment building. The buyer, Wiseman Residential, identified this property and the entitled plans as a perfect fit for their portfolio, and as a result, completed its due diligence and closed on the property in record time.

“In line with our ongoing strategy to identify the highest and best use for each of our properties, we recognized that this asset was best suited for multifamily redevelopment,” says Bernard Huberman, Founder and President of BLT Enterprises. “Based on our expertise, we completed the entitlement process and decided to sell to a prominent multifamily developer, while reinvesting in properties that more closely reflect our core focus in creative office and industrial spaces.” The sale to Wiseman was one of the smoothest transactions BLT has ever been involved in, according to Huberman.

BLT originally acquired the asset, ideally situated at the intersection of Santa Monica Boulevard (State Route 2) and the southbound off-ramp of the 405 Freeway and within walking distance of the thriving Sawtelle Japan corridor, in 2007 for $6.3 million. In 2017, BLT began the process of entitling the property for redevelopment into a multifamily community through the City’s Transit Oriented Communities ordinance. The entitlements were completed in 2019.

According to Huberman, the planned apartment community will include a variety of floor plans and feature state-of-the-art amenities including a gym, outdoor patios and barbecues, ample open space, and community gathering areas.

As one of the first Transit Oriented Communities to be approved under the City of Los Angeles’ JJJ ordinance, 17 of the planned 119 units will be dedicated to affordable housing. Specifically, BLT opted to include Very Low Income, the mid-tier of affordable units, in order to meet the need identified by the neighborhood, Huberman notes.

“This asset is located at the gateway to West Los Angeles, a dynamic sub-market where multifamily-entitled properties are in high demand with developers,” explains Huberman. “Entitling properties in this competitive market requires a significant investment of time and financial resources. By presenting Wiseman with a fully entitled asset in an unmatchable location, BLT was able to streamline the process to bring much-needed affordable housing to this market.”

The property is located at 11261 Santa Monica Boulevard in Los Angeles, California.

Anthony Muhlstein and Brian Bowis of Newmark Knight Frank represented BLT Enterprises as the seller and Wiseman Residential represented themselves as the buyer in the transaction.

Stepp Commercial completes $10.7 million sale of Gramercy Hollywood a 28-unit apartment property in Los Angeles

BLT Enterprises sells fully entitled apartment site in West Los Angeles for $13.75 million

BLT Enterprises, a multi-faceted real estate investment company based in Santa Monica, California, has sold a former gas station and parking lot in Los Angeles, California for $13.75 million.

The property is located at 11261 Santa Monica Boulevard in Los Angeles, California.

Anthony Muhlstein and Brian Bowis of Newmark Knight Frank represented BLT Enterprises as the seller and Wiseman Residential represented themselves as the buyer in the transaction.