Koreatown Apartments Trade for First Time in Three Decades

Koreatown Apartments Trade for First Time in Three Decades

 NAI Capital Commercial SVP Michael Dixon and associate Jakob Friedman of the Multifamily Services Group in the Encino office arranged the acquisition of a 40-unit apartment building in Los Angeles’ Koreatown neighborhood. They represented the buyer, a private investor. The sale price was $4,347,500.

Located at 520 S. Hobart Blvd. in Koreatown, the property sits in one of LA’s most vibrant and diverse neighborhoods, according to NAI Capital. Dixon said, “The prime location and significant upside potential drew considerable interest to the property. For our client, rental income was far below market, and this was the first time the asset had been available in over 30 years.”

Added Freidman, “This acquisition highlights the strong demand for well-located multifamily properties in one of LA’s most dynamic rental markets. Since the price was below the new $5,150,000 ULA tax threshold, no ULA tax was applied, adding to the investment’s desirability.”

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