LOS ANGELES—Koreatown is set to join Downtown, Hollywood and Glendale as the next bustling multifamily market. The submarket is undergoing gentrification and has experienced major growth. Like the other recently gentrified Los Angeles submarkets, development is central to Koreatown's growth. In May, residents will move into the Vermont, a 464-unit high-rise development at Wilshire Blvd. and Vermont Ave. from developer JH Snyder Co. The high-rise, luxury building is the first of its kind in Koreatown and will welcome a new set of tenants into the community. To learn more about the development and better understand Koreatown's growth, we sat down with Jerry Snyder, president of JH Snyder Co.

GlobeSt.com: What is driving growth in the Koreatown market?

Jerry Snyder: It has enjoyed a vibrant economy for years, but recent trends make the area extending around the Vermont one of the strongest in the city. This is especially true for a high-amenity, luxury apartment community such as ours. By 2017, Jones Lang LaSalle estimates nearly 25% of the population within five miles will have an annual household income of over $75,000. The neighborhood has very sophisticated shopping, dining and entertainment, and convenient connections to Hollywood and Downtown are starting to give it the vibrancy of parts of San Francisco or Manhattan. We're doing our part to add to those attractions, with amenities such as an extraordinary seventh-floor sky lobby and large garden and pool deck above the city.