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6/23/17
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CGI – Strategies in Real Estate has paid $10.5 mil for a 38.5k sf development site in Los Angeles’ Koreatown District. The property is located at 834 Mariposa Ave near 8th St and James M. Wood Blvd.
The buyer acquired the site with plans to demolish the existing five buildings totaling 23 units. The property could hold new residential development of up to 130 apartment units.
CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, a private investment group. The buyer, represented by Cenocore, is based out of Woodland Hills.
“834 Mariposa is a rare block-to-block development site located in one of Los Angeles’ most walkable residential neighborhoods,” said Lustig-Bower. “Koreatown continues to attract developer and equity capital interest given its central location, proximity to three subway portals and excellent walk score of 93.”
Fueled by increasing demand for centrally located residences and easy to access amenities, the Koreatown submarket has seen rent growth of between 5.4% to 8.9% per year between 2012 and 2015, according to CBRE research.
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