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Investors Continue to Flock To Koreatown

LOS ANGELES—An investor sweeps up another multifamily property in Koreatown; this one is a six-story, 55-unit rent control building that is 100% occupied.

By Kelsi Maree Borland | Updated on January 05, 2015

LOS ANGELES—Another multifamily investor sweeps up an apartment complex in the up-and-coming neighborhood of Koreatown. Roxbury Ventures LLC has sold First Street, a six-story, 55-unit building at 3715 West First Street in Koreatown for $7 million, or $174 per square foot, with a 5.46% cap rate. The name of the buyer was undisclosed.

Roxbury Ventures purchased the property 14 months ago after it completed the Rent Escrow Account Program. After purchasing the property, it invested another $650,000 in improvements to “bring the property back to life,” according to Kamyar Shabani, a principal at Roxbury Ventures. “We had achieved all of our goals in about a year and we knew that the market is currently very responsive to renovated Koreatown brickers,” Shabani tells GlobeSt.com. The renovations included updating approximately 36% of the interior units with new kitchens, which include quartz countertops and glass tile backsplash, hardwood laminate floors and walk-in closets. The property was originally built in 1927, and has a mix of studio and one-bedroom apartments.

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