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March 22, 2019
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SOUTHERN CALIFORNIA NEWS
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Vintage Apartment Property in L.A.’s Koreatown Area Trades for $165k/Unit

3/04/19

Western Arms, a vintage 76-unit multifamily property in the heart of L.A.’s Koreatown district, has traded for $12.56 mil ($165k/unit).

The rent-controlled property is located at 1057 S. Western Ave, within walking distance of the Western/Wilshire Metro stop and many trendy new restaurants and bars. Western Arms, a brick building built with many art deco features of the time in 1926 as a hotel, is comprised of one-bedroom and studio units that are especially appealing to millennials on a budget.

Western Arms sits in the midst of a development explosion with a reported 52 new construction projects representing thousands of new apartment units underway. Average rental rates for the new luxury buildings can range from $2,500 to $4,500 per month.

Cole Martens and Cory Stehr with Lee & Associates-LA North/Ventura represented the buyer, 1057 S Western LLC, a private investor, and the seller in the transaction. The seller, Prana Growth Fund 1, L.P., an entity of Prana Investments, was also represented by Martens and Stehr when the company acquired Western Arms as part of a three-building, 159-unit portfolio late in 2015.

“All the new multifamily development underway in Koreatown has raised the threshold for rental rates and made this building among the most affordable in the area,” said Martens. “And our experience tells us there is strong demand for studio and one-bedroom units, especially among younger tenants who are prioritizing an active lifestyle over expensive, luxury apartments.”

“The location alone midway between Century City and downtown Los Angeles, makes this property a magnet for millennials, and the new owners plan to introduce tech and service amenities geared to enhance that appeal,” said Stehr.




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