|Essex Property Trust paid $23.65 mil for Park Catalina, a Class A, 90-unit ($263k/unit) apartment community in Los Angeles’ Koreatown submarket. The property is located at 690 South Catalina St, just off Wilshire Blvd. a couple of blocks west of Vermont Ave.
Developed in 2002, Park Catalina contains a mix of four studio units, 36 one-bedroom/one-bathroom units and 50 two-bedroom/two-bathroom units with an average size of 810 sf. The property features well designed units with open kitchens, courtyards or balconies, and office nooks.
Community amenities include a furnished clubhouse, business center, and fitness center. The interior, park-like courtyard of the property allows for a tranquil and comfortable experience. The Grove, Miracle Mile, Larchmont Street, Hollywood and LA Live are all within minutes, providing residents with access to numerous retail and entertainment choices.
Jones Lang LaSalle’s Managing Director, Joe Leon, and Vice President, Javier Rivera, represented the seller, The Northwestern Mutual Life Insurance Company, in the transaction.
“Our knowledge of the local market enabled us to locate a buyer who saw the upside in this property,” said Leon. “With recent foreign trade policy changes with Korea, the Koreatown submarket has experienced incredible in-migration, providing for tremendous apartment demand and rent growth of five percent annually.”