LOS ANGELES—The Vermont, a 464-unit luxury multifamily complex in Koreatown, sold above the asking price, according to Jerry Snyder, president of J.H. Snyder Co. In an earlier story, GlobeSt.com reported that J.H. Snyder Co. sold the Koreatown mixed-use to a partnership between Capri Capital Partners and TruAmerica Multifamily for $283 million.
“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 few interested people, and Capri and TruAmerica performed very well.” Snyder, unfortunately couldn't divulge details on the number of offers and original asking price. GlobeSt.com reached out to JLL, be didn't recieve a response prior to the publication of this story.
As reported earlier, the property is somewhat of a landmark and the first luxury property built in the burgeoning Koreatown neighborhood. The interest from potential buyers illustrates investors' confidence and bullishness in the submarket. “A lot of people thought I was crazy to build this Four Seasons-type building in Koreatown, but it was a dream of ours,” says Snyder. “It turned out very well and the leasing has been amazing. We are getting lots of young graduate students from USC. We are have already leased about 110 units, and are averaging eight to 10 units per week.”
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
