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7/25/14
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In a deal that we’re told is the largest multifamily, mixed-use transaction in California this year, a partnership of Capri Capital Partners LLC and TruAmerica Multifamily LLC has acquired The Vermont, a recently completed, 464-unit high-rise apartment complex in the Koreatown area of Los Angeles. The large, infill development was sold for $283 mil by a partnership led by Washington Capital Management and JH Snyder Development, one of Southern California’s most prolific office, retail and multifamily developers over its six decades in business.
Situated on a two-acre site at the southeast corner of Wilshire Blvd and Vermont Ave, The Vermont consists of two towers – one 29 stories, the other 23. The development, which RENTV reported on extensively in one of our multifamily video news programs earlier this year, also includes 31k sf of retail space and a quarter-acre public courtyard along Wilshire Blvd.
The apartment community is the largest residential development to be built in Los Angeles since the beginning of the most recent real estate downturn. It features exclusive resident amenities including a shared, 16.5k sf sky lobby and lounge, high-end 3.3k sf FIT360 gym and luxury spa, skydeck pool and garden, business center, 24-hour doormen, club party room, and beautiful open space in a dense, urban setting.
The Vermont/Wilshire Metro Station across the street connects the mid-city neighborhood to Los Angeles County’s rail network, providing access for The Vermont’s tenants to job centers, universities and attractions throughout the region. Southwestern Law School, housed in the historic Bullocks Wilshire building, is located one block to the east. The historic 24-acre Ambassador Hotel site, home to the Robert F. Kennedy Community Schools campus for K-12 public school students, is walking distance to the west.
“Capri’s investment strategy is to acquire high-quality Class A properties in urban markets with supply-demand imbalances and strong demographic, economic and income trends,” said Quintin E. Primo III, Chairman and Chief Executive Officer of Capri Capital Partners. “The Vermont is a model for transit-oriented development in a city that is increasingly placing a high value on density in the urban core.”
The new ownership team has hired Lincoln Property Company to handle overall property management. Retailers coming to the ground level space include: Jimmy John’s Gourmet Sandwiches, Fatburger, PizzaRev, Wells Fargo Bank, Sugar Nails, AT&T and a new Samsung concept store. Starbucks is already open and operating in the space.
Already, the mixed-use property has infused energy and life to what was a long vacant property along Wilshire Blvd. Since opening in May of this year, the Vermont has attracted a diverse base of young professionals interested in a high-tech, service-driven living experience with top tier amenities.
This mid-city area of Los Angeles is attracting investment and new residents due to its proximity to Downtown and the University of Southern California, as well as its easy access to the region’s growing public transportation system.
“The Vermont exemplifies the growth and desirability of the Mid-Wilshire and Koreatown neighborhoods,” said Robert E. Hart, President, CEO and Founder of TruAmerica Multifamily. “The Vermont acquisition is an excellent example of our strategy to buy high-quality assets in growing urban neighborhoods from developers prior to their stabilization.”
Javier Rivera, Joe Leon, David Young and David Doupe of JLL represented the seller in the transaction. The acquisition of the Vermont is the second large apartment purchase for Capri in Los Angeles over the past year. The company, on behalf of an institutional investor, purchased the 437-unit Esprit in Marina del Rey in June 2013 for $225 mil.
Washington Capital Management, which manages investments for union pension funds in Washington State, was the lead equity investor in The Vermont, a $200 mil development. Snyder also infused equity into the project. To get the The Vermont built, Snyder spent two years overcoming numerous challenges and hurdles to entitle the project, assemble the capital stack and to pull the building permit before proceeding to construction.
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