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5/25/21
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A 24-unit multifamily property in Los Angeles’ Koreatown fetched $5.35 mil, or $223k/unit.
The property, located at 833 Fedora Street, is a unique 1920s masonry building, featuring all one-bedroom units. The building, which was restored 10 years ago, sits half a block south of LAUSD's RFK Schools. Next door to 833, CGI Strategies is constructing a 200-unit multifamily project.
The buyer was 833 Fedora RE LLC, a local private investor. CBRE’s Adam Peterson represented the seller Roman Group LLC, a local investment syndicate. According to Peterson, the seller had added tremendous value over the past 10 years by renovating the building and was ultimately able to realize a large gain over the hold period. The property sold within three days at full asking price.
“Koreatown has an extremely long runway offering world-class retail, hotel, dining, entertainment and lifestyle amenities that many Angelinos appreciate,” said Peterson. “It is the most densely populated submarket in Los Angeles County and is home to a diverse, upwardly mobile tenant base.”
Over the past years, Koreatown has evolved into one of the most dynamic and vibrant submarkets in Los Angeles. Fueled by continuing demand for centrally located residences and easy-to-access amenities and transit, Koreatown has grown into one of Los Angeles’ strongest communities for multifamily and businesses.
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