LOS ANGELES—The Vermont, a 464-unit luxurymultifamily complex in Koreatown, sold above theasking price, according to Jerry Snyder, presidentof J.H. Snyder Co. In an earlier story, GlobeSt.com reported that J.H. SnyderCo. sold the Koreatown mixed-use to a partnership betweenCapri Capital Partners and TruAmericaMultifamily for $283 million.

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“We are very pleased with the sale,” Snyder tells GlobeSt.com.“We did much better than we thought we would do. We had quite a fewinterested people, and Capri and TruAmerica performed very well.”Snyder, unfortunately couldn't divulge details on the number ofoffers and original asking price. GlobeSt.com reached out to JLL,be didn't recieve a response prior to the publication of thisstory.

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As reported earlier, the property is somewhat of a landmark andthe first luxury property built in the burgeoning Koreatownneighborhood. The interest from potential buyers illustratesinvestors' confidence and bullishness in the submarket. “A lot ofpeople thought I was crazy to build this FourSeasons-type building in Koreatown, but it was a dream ofours,” says Snyder. “It turned out very well and the leasing hasbeen amazing. We are getting lots of young graduate students fromUSC. We are have already leased about 110 units, and are averagingeight to 10 units per week.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.