LOS ANGELES—Canfield Development has purchased three adjacent lots in Koreatown. The three lots total 28,000 square feet, and are currently occupied by two midcentury multifamily buildings and a vacant multipurpose building, which was previously occupied by New Village Movement Ministries. The purchase price and the seller of each of the properties is undisclosed.
The three lots are located at the corners of West 5th Street and South Kenmore Avenue. Canfield Development has not released information on their plans for the three sites, but it is likely that they will develop a new multifamily property. Koreatown has been a recent favorite of investors and developers. Last year, JH Snyder sold its luxury high-rise development the Vermont in Koreatown to a joint venture between TruAmerica Multifamily and Capri Capital Partners for $238 million. It has been just one of the many headlines out of the Koreatown submarket throughout the year. Canfield Development did not respond to a request for comment about the project.
Canfield Development is known for its Southern California development projects. The company purchased a 15,000-square-foot lot in Silverlake just weeks before the Koreatown purchase, and announced plans to entitle and develop a four-story, class-A multifamily property on the site. The project is already under construction. Canfield Development announced that it plans to continue looking for infill urban sites for development opportunities throughout 2015.
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