Affordable Developer Scoops Koreatown Parcel

LOS ANGELES—Affordable developer West Hollywood Community Housing Corp. has acquired a prime development site in Koreatown in an off-market transaction, GlobeSt.com has learned exclusively. The developer purchased the 1.76-acre site for $9.5 million and plans to develop a $65 million 186-unit affordable and senior housing complex.

Concord Real Estate Services recognized the potential for the site and approached the property owner to sell. “This is a burgeoning and up-and-coming area in a lot of ways, especially because of all of the things happening in Downtown Los Angeles. There has been a spin-over effect in some of the adjacent neighborhoods,” Yoav Sarraf, managing director at Concord Real Estate Services, tells GlobeSt.com. “The property is over 80,000 square feet on a major street, and we felt that it was a great development opportunity. We felt that it wasn’t being used at its highest and best use. We had a relationship with the West Hollywood Community Housing Corp., and they were looking for opportunities outside of West Hollywood, where they normally develop. We felt that they would be able to maximize that space.”