One of the two buildings in the portfolio is at 333 S. Kingsley. The other is at 519 S. Gramercy. Both complexes are in the heart of Koreatown.
"The area has seen the arrival of some very affluent immigrants, which has helped the community become a very good investment market," Michael Lowinger, Hanover Financial's president and CEO, tells GlobeSt.com. "Apartment vacancies in the area are 3% or less."
The Hanover-Upside JV acquired the 333 S. Kingsley development from a private group known as Success Overseas Inc. All parties in the transaction were represented by Sam Chung of locally based A-Ju Realty.
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