Is Koreatown Becoming a Core Market?

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.