One of the two buildings in the portfolio is at 333 S. Kingsley. The other is at 519 S. Gramercy. Both complexes are in the heart of Koreatown.
"The area has seen the arrival of some very affluent immigrants, which has helped the community become a very good investment market," Michael Lowinger, Hanover Financial's president and CEO, tells GlobeSt.com. "Apartment vacancies in the area are 3% or less."
The Hanover-Upside JV acquired the 333 S. Kingsley development from a private group known as Success Overseas Inc. All parties in the transaction were represented by Sam Chung of locally based A-Ju Realty.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.