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March 28, 2024
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MULTIFAMILY NEWS
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Historic Res Building in LA’s Koreatown Area Sells for $172k/Unit

2/13/17

The Ashmont, a 50-unit, historic Art Deco apartment building in Los Angeles’ Koreatown District, was purchased by Vista Investment Group in an $8.6 mil ($172k/unit) deal. Koreatown has become one of the more popular multifamily investment submarkets in Los Angeles, as demand for housing in this suddenly resurgent Mid-Wilshire area is soaring among young professionals.

Built in 1928, The Ashmont is located at 908 S. Hobart Blvd, east of Western Ave between Wilshire and Olympic Blvds. The five-story, brick apartment building features studio and one-bedroom units, a garden and a large laundry facility.

The transaction also included an adjacent 9k sf, fully entitled land parcel that is currently being used as a 33-car, gated parking lot for the apartment complex. The building was approximately 90% leased at the time of closing.

Vista plans to give the building a complete renovation, including upgrades to major building systems, exterior and common areas, landscaping, and unit interiors as turnover allows. Improvements within the apartments will include refinished and polished original hardwood floors, exposed brick accent walls, new shaker cabinets with quartz countertops and stainless steel appliances, and modern bathroom fixtures.

Colliers International Executive Vice President Kitty Wallace represented the seller, a private long-term owner, while Vista represented itself in the transaction.

“The Koreatown market continues to improve with the influx of young professionals who have been the nexus for a 57% increase in average household incomes in the area since the year 2000, causing a rise in rental rates to competitive market levels and bringing in a flood of potential investors,” said Wallace. “Vista was fortunate to acquire a great asset in one of the most desirable pockets of Koreatown with tremendous upside.”







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