Capri Capital, TruAmerica Buy 464-Unit Apartment Complex in LA’s Koreatown for $283M
- Jul 28, 2014
All eyes are on The Vermont, a 464-unit high-rise apartment community in the increasingly trendy Koreatown area of Los Angeles, now that the new luxury property has been picked up for $283 million by Capri Capital Partners L.L.C. and TruAmerica Multifamily L.L.C. in the largest multifamily mixed-use transaction in California year to date.
The partners acquired The Vermont from JH Snyder Development and Washington Capital Management, which completed the project in May of this year at a cost of $200 million.
“The property is in lease-up and is leasing briskly, about 30 units per month,” Robert Hart, founder and CEO of TruAmerica, told Commercial Property Executive. “The drivers [in Los Angeles] are population growth, a return to urban areas, a rebalancing of multi-family versus single-family living in the U.S., and a pent up demand of households being formed that need apartments.”
With the address of 3150 Wilshire Blvd., The Vermont has the added benefit of sitting just across the street from a Metro station at a time when Los Angeles is placing a greater focus on transit-oriented projects.
Additionally the property, which consists of a 29-story tower and a 23-story tower that began to sprout up in 2012 on what had been a long-vacant dirt lot, features 31,000 square feet of retail space.
It’s not every day that investors can get their hands on a brand new luxury apartment high-rise in a blossoming neighborhood right in the middle of Los Angeles. Simply put, Hart said, “It’s very difficult; the market is extremely tight right now.”