LOS ANGELES—Canfield Development has purchasedthree adjacent lots in Koreatown. The three lots total 28,000square feet, and are currently occupied by two midcenturymultifamily buildings and a vacantmultipurpose building, which was previouslyoccupied by New Village Movement Ministries. Thepurchase price and the seller of each of the properties isundisclosed.

The three lots are located at the corners of West 5^thStreet and South Kenmore Avenue. Canfield Development has notreleased information on their plans for the three sites, but it islikely that they will develop a new multifamily property. Koreatownhas been a recent favorite of investors and developers. Last year,JH Snyder sold its luxury high-rise development the Vermont inKoreatown to a joint venture between TruAmericaMultifamily and Capri Capital Partnersfor $238 million. It has been just one of the many headlines out ofthe Koreatown submarket throughout the year. Canfield Developmentdid not respond to a request for comment about the project.

Canfield Development is known for its Southern Californiadevelopment projects. The company purchased a 15,000-square-footlot in Silverlake just weeks before the Koreatown purchase, andannounced plans to entitle and develop a four-story, class-Amultifamily property on the site. The project is already underconstruction. Canfield Development announced that it plans tocontinue looking for infill urban sites for developmentopportunities throughout 2015.