LOS ANGELES—A partnership between Capri Capital Partners and TruAmerica Multifamily has purchased the 464-unit Vermont multifamily complex for $283 million from a partnership between J.H. Snyder Co. and Washington Capital Management. This is the year’s largest multifamily purchase in California.
Opening in May of this year, the landmark property is the first of its kind in Koreatown, which is undergoing gentrification. It was J.H. Snyder’s vision to bring a new demographic of renters to the downtown-adjacent community. The property has 31,000 square feet of commercial retail space and two residential towers. With heights of 29 stories and 23 stories, the towers have remarkable views of downtown and ample space for amenities, which include a 16,500-square-foot sky lobby, a 3,300-square-foot gym, sundeck, pool and business center.
The 31,000-square-foot retail portion is currently occupied by Starbucks. Leases have also been signed with Jimmy John’s Gourmet Sandwiches, Fatburger, PizzaRev, Wells Fargo Bank, Sugar Nails, AT&T and a Samsung concept store, all of which will take occupancy of the building soon.
Both the quality and the location made the property an attractive investment opportunity for the buyers. Both Capri Capital and TruAmerica Multifamily purchase high-quality assets in emerging and transit-oriented West Coast markets. For those reasons, this property is directly in step with the buyers’ investment strategies. Last year, Capri Capital purchased the Esprit in Marina del Rey, a 437-unit multifamily complex, for $225 million; and TruAmerica recently completed its purchase the Berkshire portfolio, a 1,500-unit multifamily portfolio in Denver and Washington, for $229 million.
JLL brokers Javier Rivera, Joe Leon, David Young and David Doupe represented J.H. Snyder and Washington Capital in the transaction. The buyers have tapped Lincoln Property Co. to manage the property.
GlobeSt.com was unable to obtain a comment before the publication of this story. We will update the story as more information becomes available.