There has been a recent increase in development and redevelopment, like this, in Koreatown, but Lee says that the strong demand—which continues to grow—can absorb the supply. “Koreatown has the highest density of any community in Los Angeles County,” says Lee. “There are many people in Koreatown who would like to move to a new building with amenities. There are also many people who want to move into Koreatown, as other areas like Downtown and Hollywood price residents out.”

This is Jamison's second project in the Koreatown market, and it has six other projects under construction. “Jamison has been fully invested in Koreatown for many years,” says Lee. “We have confidence in the multifamily market in Koreatown.”

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.”

The property was originally built in 1927 as an office property. The renovation added a mix of studio, one- and two-bedroom apartments, ranging in size from 550 to 1,069 square feet. The interior units feature wood floors, stainless steel appliances, custom cabinetry, quartz countertops, Kohler plumbing fixtures, private balconies, and in-unit washers and dryers, and the property has 4,000-square-foot rooftop deck replete with landscaped dining and seating areas, bocce ball court, fire pits, barbecue stations.

The community response has been strong. Half of the units at the property were preleased, and Jamison expects to rent the remainder by the end of the year. “The response has been extremely positive, which is why we've preleased the half the building in only two months,” says Lee. “From the historic architecture to one of the best locations in Koreatown. You can literally walk anywhere. We have also received tremendous response from renters about the rooftop deck. It is a big selling point.” In addition to amenities and walkability, the property is proximate to the Wilshire/Normandie Purple Line Metro Station.

There has been a recent increase in development and redevelopment, like this, in Koreatown, but Lee says that the strong demand—which continues to grow—can absorb the supply. “Koreatown has the highest density of any community in Los Angeles County,” says Lee. “There are many people in Koreatown who would like to move to a new building with amenities. There are also many people who want to move into Koreatown, as other areas like Downtown and Hollywood price residents out.”

This is Jamison's second project in the Koreatown market, and it has six other projects under construction. “Jamison has been fully invested in Koreatown for many years,” says Lee. “We have confidence in the multifamily market in Koreatown.”