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6/01/12
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The Kipling Hotel, a 135-unit apartment community in LA’s Mid-Wilshire / Koreatown area, was purchased by a Delaware limited partnership located in Beverly Hills for $9.1 mil ($67.4k/unit). The property, which includes a street-level restaurant, is located at 4067-4077 West Third St, between Western and Normandie Aves.
The historic multifamily building was constructed in 1924 with a unit mix consisting of a single one-bedroom unit and 134 studio apartments. It is close to many major amenities along Wilshire Blvd.
The Mid-Wilshire / Koreatown submarket currently boasts a low overall vacancy rate of 4.0% as of the first quarter 2012, as well as rising rents that have gained an average of 5.4% over the past year.
Brent Sprenkle of the West Los Angeles office of Hendricks & Partners negotiated the transaction on behalf of the buyer, Omninet Kipling LP, and the seller, Evergreen Investment Group LLC, a California limited liability company out of Los Angeles.
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