Search
 

Is Koreatown Becoming a Core Market?

LOS ANGELES—In this EXCLUSIVE interview, Bryan Glenn of Charles Dunn makes a case that Koreatown has shifted from a gentrifying market into a potential core market.

By Kelsi Maree Borland | Updated on October 18, 2016
Bryan Glenn Bryan Glenn is a senior director of the Charles Dunn Co.

LOS ANGELES—Koreatown is poised to become a core L.A. market, according to Bryan Glenn, senior director of the Charles Dunn Co., who says that the market has already shifted from gentrifying to future core. In the last two years, investment in the Downtown Los Angeles-adjacent market has soared, with major sales (we all remember TruAmerica‘s record-breaking acquisition of the Vermont) and unyielding demand. Today, investment in the market is hotter than ever. To find out where Koreatown is today, if it is too late for investors to break in and where the market is headed, we sat down with Glenn for an exclusive interview. Here, he gives us an inside look at the market.

GlobeSt.com: How has investment interest in Koreatown changed and what kind of activity are you seeing?

Bryan Glenn: Interest in multifamily investments in Koreatown is as strong as I have seen it.  In my opinion Koreatown has shifted from a gentrifying market with future potential to a core market that has already proven itself. Millennials are making up a larger and larger demographic in the area and are attracted to what Koreatown has to offer.  They are often looking for smaller units at attractive price points in a building or area that offers amenities.  As an example, we are currently marketing for sale The Avalon, a recently renovated, non-rent controlled 47-unit apartment building on Catalina Street in the heart of Koreatown. That building has had an extremely successful lease-up, offering studios for $1,345 and 1-bedroom apartments for $1,495.  It features modern upgrades such as Bluetooth smart locks for keyless entry, a community bike-share program and is walking distance to the red line and purple line metro stations providing easy access to Hollywood and Downtown Los Angeles.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.