(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
LOS ANGELES-Park Catalina, a class A apartment community at 690 S. Catalina St. in the Los Angeles submarket of Koreatown, has changed hands for $23.65 million. The buyer is Essex Property Trust.
Jones Lang LaSalle vice president Javier Rivera, along with managing director Joe Leon, represented seller, the Northwestern Mutual Life Insurance Co. in the transaction. Rivera tells GlobeSt.com that Koreatown’s activity and density make it an exciting place to live and work with a multitude of dining and entertainment options. “Koreatown’s amenities coupled with its central location and metro access make it a very popular residential neighborhood,” he says. “ Koreatown’s class A apartments are enjoying market leading occupancy on average at 96%, and in 2011 demonstrated strong rent growth reporting 4% to 11% rent growth with continued rent growth in 2012.”
He continues that “This robust, urban apartment market attracts enormous investor for all classes of apartments. Interest has driven development with 632 new apartments currently under construction with more slated to break ground later this year or early 2013.”
The buyer, which GlobeSt.com learns did not currently own in the neighborhood, saw upside in this particular property and appreciated the asset and location, explains Leon. “With recent foreign trade policy changes with Korea, the Koreatown submarket has experienced incredible in-migration, providing for tremendous apartment demand and rent growth of five percent annually.”
Developed in 2002, Park Catalina, which GlobeSt.com learns was 97% occupied as of June, is located in Koreatown. Units are well designed, with open kitchens, courtyards or balconies, and office nooks. Community amenities include a furnished clubhouse, business center, and fitness center. The Grove, Miracle Mile, Larchmont Street, Hollywood and LA Live are all within minutes. Park Catalina features four studio units, 36 one-bedroom/one-bathroom units and 50 two-bedroom/two-bathroom units with an average unit size of 810 square feet.
Rivera tells GlobeSt.com that the multifamily property received “significant interest” with nearly 200 investors seeking information. “Park Catalina’s size made it attractive an attractive investment for institutional investor, regional investors and high net worth individuals.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
