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7/16/20
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Omninet Capital closed on the purchase of a 72-unit multifamily property in L.A.’s Koreatown area in a recent $32.4 mil ($450k/unit) deal. Located at 535 S. Kingsley Drive, the property is referred to as “The Maya Apartments”.
The project was built in 2018 and features a mix of one- and two-bedroom units with above-standard ceiling heights and a rooftop deck with stunning views of Los Angeles. It is situated near two subway portals and boasts a WalkScore of 89.
CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, Jamison Properties. For Omninet, this was the 7th transaction they completed in the last five months, totaling over $250 mil in acquisitions for this period.
“The Maya’s excellent location just north of Wilshire Boulevard, attractive unit layouts and proximity to two Metro subway portals make it well-positioned within the bustling Koreatown community,” said Lustig-Bower. “Not surprisingly, we received great interest and hosted a number of tours.”
The Maya was Jamison’s first ground-up multifamily development following the successful adaptive reuse of two former Koreatown office buildings into multifamily communities, according to Jamison Chief Executive Officer, Jaime Lee.
Key employment centers are located nearby the property and along the Wilshire Corridor, including Downtown Los Angeles, Hollywood, Beverly Hills and Century City. A number of new multifamily developments have been coming online in Koreatown, which has been evolving into a full-time entertainment hub with a large variety of amenities.
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