Capri Capital Partners Joins Forces with TruAmerica Multifamily for the $283 Million Acquisition of The Vermont
- Aug 04, 2014
A partnership comprised by Capri Capital Partners and TruAmerica Multifamily just completed the largest multifamily, mixed-use transaction in the state of California for the current year. The partnership closed on a deal worth $283 million, for the recently completed The Vermont high-rise apartment complex in the Los Angeles submarket of Koreatown. Property management duties will be carried out by Lincoln Property Company which was selected by the new ownership group.
The Vermont is essentially made up of one 29-story tower and a 23-story tower that offer 464 residential units. Project specs also include a retail component of 31,000 square feet of space, as well as a public courtyard along Wilshire Boulevard totaling .25 acres. This is the second large multifamily acquisition completed by Capri Capital Partners in the L.A. area in 2014, with the company having already completed the $225 million purchase of the Esprit complex in Marina del Rey in June.
Resident amenities at the facility include a 16,500 square-foot sky lobby and lounge, a FIT360 gym and luxury spa, skydeck pool and garden, business center, 24-hour doormen, club party room and a large amount of open space. New tenants set to open up shop at The Vermont include names such as Jimmy John’s Gourmet Sandwiches, Fatburger, PizzaRev, Wells Fargo Bank, Sugar Nails, AT&T and a Samsung concept store, a recently issued press statement shows. The development is located in the proximity of the Vermont/Wilshire Metro Station that connects the mid-city area to the rail network of Los Angeles County. Also nearby are the iconic Ambassador Hotel and the University of Southern California.
Ken Lombard, vice chairman, investments and partner for Capri indicated that The Vermont “is an iconic asset that aligns extremely well with our investment strategy” also noting that the “truly premier new mixed-use development offers a diverse group of Los Angeles residents a unique experience in an urban location that has not traditionally attracted this level of product or offering of services.” TruAmerica Multifamily CEO and Founder, Robert E. Hart added that the acquisition is part of the corporate strategy “to buy high-quality assets in growing urban neighborhoods from developers prior to their stabilization.”