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11/05/19
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A 60-unit multifamily property in Los Angeles’ Koreatown neighborhood has sold for $29.25 mil, or $487.5k/unit. The 48k sf property, Kodo, was completed in 2018 and is located at 2867 Sunset Place, west of Hoover St and just south of Wilshire Blvd.
Kodo offers a mix of studio, one- and two-bedrooms units. The complex features a common area, courtyard, fitness center and a rooftop lounge with views of the Downtown Los Angeles skyline. The property was transitioning through lease-up during the marketing process—approximately half the units were leased as short-term, furnished rentals at time of sale.
Laurie Lustig-Bower and Kamran Paydar with CBRE represented the seller, Los Angeles-based CGI Strategies (CGI), which developed the property. The buyer, Alhambra Place Partnership, was repped by an outside broker.
“Kodo is well located in Koreatown and attracted strong interest from the market,” said Lustig-Bower. “Buyers recognized the high quality of construction and finishes. The building has an updated, modern look and feel.”
Koreatown has been evolving into a dynamic and vibrant submarket in Los Angeles, and demand in the area for rental apartments continues to grow. Multifamily vacancy fell to 3.6% in the third quarter nationally, down 40 basis points (bps) from the prior year and the lowest level since 2000, according to CBRE’s Q3 Multifamily Figures. Average rent rose 2.9% year-over-year, on par with Q2 and slightly higher than the historical average of 2.6%. Net absorption of 307,600 units outpaced completions of 256,000 for the year ending in Q3, demonstrating the sustained high levels of multifamily demand throughout the U.S.
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