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Jamison Properties Delivers First Ground-Up Project in Koreatown

Maya Project Hopes to Capitalize On the Area's Popularity
February 28, 2018
Jamison Properties just completed its first ground-up construction project.

The 72-unit market rate apartment building, called Maya, is located at 535 South Kingsley Drive in Koreatown. A large percentage of the units in the building are already preleased with full occupancy expected by the end of this year, according to Garrett Lee, CEO of Jamison Properties.

The seven-story Maya, designed by KFA Architects with Wilshire Construction as the general contractor, features one- and two-bedroom units, ranging in size from 580 to 1,265 square feet.

The building also has subterranean parking and a fitness center, central courtyard with a swimming pool and clubhouse and views of downtown Los Angeles from its rooftop terrace.

Jamison Properties hopes to capitalize on the fact the densely populated area "and the inventory of multifamily product in Koreatown has not kept up with the demand," according to Lee.

"We see that continuing for the foreseeable future, especially as vibrant urban environments such as Koreatown and downtown Los Angeles become the place of choice for young professionals," Lee said in a statement.

Peter Strauss, co-founder of Iconic Investments, who has worked in the area since 2001, said more people are being attracted to Koreatown for a variety of reasons, including its location and high density.

"It’s the fact you’re living in an environment similar to New York," Strauss said. "You have the Metro, high density, high employment, walkability and shops right in that general pocket."

One of the largest developers in Koreatown, Jamison Properties also converted two former Koreatown commercial office buildings into multifamily communities, including the 127-unit Westmore at 3075 Wilshire Blvd.

Jamison opened The Abbey in 2016, an adaptive reuse office building at 3550 West Sixth St. that dated back to 1927. It was converted into a 110-unit apartment complex and was fully leased four months after opening.

The Maya is the first of at least four new multifamily developments Jamison plans to bring to market this year.

Jamison Properties is also developing Circa, a 648-unit luxury apartment complex at 1200 Figueroa across from L.A. Live, with Hankey Investment Co. and Falcon California Investments.

Koreatown is one of the hotspots in Los Angeles for new residential construction, according to CoStar data.

The area has one of the largest apartment inventories in Los Angeles with about 51,000 units, more than 6% of Los Angeles’ inventory, according to CoStar research.

CoStar data shows new construction in Koreatown commands an average 45% rent premium over the older product that make up the majority of inventory in the neighborhood.

Karen Jordan, Los Angeles Market Reporter  CoStar Group   

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