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Developers Deliver to a Stronger Market Than Projected

LOS ANGELES—Jamison Properties delivers the Abbey, a 110-unit apartment complex in Koreatown, to a market with better rents that expected, showing just how much the market has grown in two years.

By Kelsi Maree Borland | kelsimareeborland | Updated on November 16, 2016

The Abbey The Abbey is a 110-unit multifamily property.

LOS ANGELES—Jamison Properties is delivering its Koreatown adaptive-reuse project the Abbey into a stronger market than anticipated at the start of construction, two years ago. Koreatown has experienced a dramatic shift in demographics and rent growth in the past two years, and as a result, the developer is outperforming its target rents. The Abbey is a 110 unit apartment complex at 3550 West Sixth Street.

“The market is a lot stronger than it was when we started construction nearly two years ago,” Garrett Lee, president of Jamison Properties, tells GlobeSt.com. “We are performing better than our targeted rents.  Also, the demographic is changing. There is a eclectic mix of people wanting to live in Koreatown, partly because of its central location and proximity to major transit and amenities, but also because of its vibrant nightlife and restaurant scene. It is the new area in L.A. for urban living for those who do not want to live in Downtown. It has something for everyone.”

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