Omninet Capital Buys Multifamily Community for $32.4 Million in Los Angeles’ Koreatown Section – CBRE

15 Jul 2020

Koreatown-Multifamily

Property sold in less than two weeks; purchase price equates to $465 per square foot and 4% cap rate

Los Angeles – CBRE announced the sale of a multifamily property in Los Angeles’ Koreatown section to local real estate investment firm Omninet Capital for $32.4 million.

CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, Jamison Properties.

Located at 535 S. Kingsley Drive, the property is referred to as “The Maya Apartments.” The 72-unit site 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.

“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.”

Added Michael Danielpour, a Managing Partner at Omninet Capital, “The Maya will be a good addition to our multifamily holdings in Los Angeles. We were able to close this transaction in seven days, and it is the 7th transaction we have completed in the last five months with over $250 million in acquisitions for this period.”

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.

“Given our current robust apartment development and delivery pipeline, the sale of The Maya Apartments enables us to make our operations more efficient with a focus on larger projects,” said 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.

“We continue to see strong investor demand for quality assets in strategic locations like The Maya,” said Paydar.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.