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February 24, 2018
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SOUTHERN CALIFORNIA NEWS
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Jamison Picks Up Dev Site in L.A.’s Koreatown

1/17/18

Local LA-area developer/investor Jamison paid $14 mil for a multifamily development site in Los Angeles’ Koreatown district. The real estate was sold by Harvard 826 Property LLC, a private investment entity owned by Hersel Neman and Robert Neman.

The 38.8k sf site, an assemblage of parcels located at the corner of 8th St and Harvard, currently holds vacant apartment and commercial buildings to be demolished for new development. The 0.89-acre plot is fully entitled for 131 residential units and 4.2k sf of retail.

CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller in the transaction.

“This site is ideally located in Koreatown’s 8th Street Corridor, which continues to attract investment capital and new developments,” said Lustig-Bower. “Housing in this vibrant part of town has been in high demand and a project like this is sure to be a big success.”

Fueled by increasing demand for centrally located residences and easy to access amenities, Koreatown has grown into one of Los Angeles’ strongest rental markets with 97% occupancy. It is one of the most densely populated neighborhoods, centrally located and just minutes away from Downtown, Hollywood, Wilshire Boulevard’s Miracle Mile and Beverly Hills.

“This particular piece of land is also close to three Metro subway stops and boasts an outstanding WalkScore of 95,” added Paydar. The U.S. multifamily market has remained solid. Strong rental rate growth has been driven not just by changing home ownership preferences but also by the addition of high-end multifamily projects.

Jamison, a privately held, full-service real estate operating company, is one of the largest private landlords in Los Angeles. The company manages a diversified Southern California real estate portfolio of approximately 18 msf of commercial and medical office, retail, multifamily and mixed-use properties with a market capitalization of more than $3 bil.






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