A joint venture of Capri Capital Partners LLC and TruAmerica Multifamily LLC have acquired The Vermont, a newly-built, 464-unit high-rise complex at 3150 Wishire Blvd. in Los Angeles, CA, from developer J.H. Snyder Company and Washington Capital Management, Inc. for $283 million, or about $610,000 per unit.
The 500,000-square-foot property is comprised of two multifamily towers, one 29 stories and the other 23, rising 300 feet above two acres in the Koreatown submarket of Los Angeles County. Residents in 309 one-bedroom and 155 two-bedroom apartments will enjoy a host of amenities and services including a shared sky lobby and lounge, a FIT360 gym and luxury spa, skydeck pool and garden, business center, doorman, and a club party room.
Opened in May 2014, the mixed-use property has already infused new life into the long-vacant site, with 32,000 square feet of ground-floor retail space being filled quickly by Jimmy John's, Fatburger, PizzaRev, Wells Fargo Bank, Sugar Nails, AT&T, Samsung, and Starbucks. The property is attracting a mix of tenants and young professionals in the burgeoning mid-city area of Los Angeles due to its proximity to Downtown, Hollywood, and the University of Southern California via the Vermont/Wilshire metro station located directly across the street.
"The Vermont exemplifies the growth and desirability of the Mid-Wilshire and Koreatown neighborhoods," said Robert E. Hart, president, founder and CEO of TruAmerica Multifamily.
This sale marks the largest mixed-use, multifamily sale this year in California, and the largest in Koreatown's history, according to the buyers, who know about large California sales. In June 2013, Capri acquired the 437-unit Espirit in Marina del Rey on behalf of an institutional investor for $225 million. See CoStar COMPS #2776555.
"Capri’s investment strategy is to acquire high-quality Class-A properties in urban markets with supply-demand imbalances and strong demographic, economic and income trends," said Quintin E. Primo III, chairman and chief executive officer of Capri Capital Partners. "The Vermont is a model for transit-oriented development in a city that is increasingly placing a high value on density in the urban core."
Javier Rivera, Joe Leon, David Young and David Doupe with JLL represented the sellers. The buyers handled the sale in-house, and have retained Lincoln Property Company for general property management.
Please see CoStar COMPS #3077055 for additional information on this transaction.