k2LA The property features 467 units, making it the largest apartment complex in Koreatown.

Koreatown has found its way back onto the institutional radar, and this time, it is may be there for good. Four years ago, TruAmerica Multifamily purchased the Vermont in Koreatown for an astounding $283 million, putting the Downtown Los Angeles-adjacent market on the map. Then, with little institutional quality product available in the market, things settled down. Now, Century West Partners has sold its class-A, luxury K2LA project for approximately $200 million. The three-building development sold to two separate institutional buyers in the second largest transaction in the submarket.

“The Vermont put Koreatown on the map for institutional investors, and this is the second largest transaction since then,” Moran & Company’s Derrek Ostrzyzek, who brokered the deal, tells GlobeSt.com. “When the Vermont sold, institutional investors were still hesitant. At the time, the question really was, ‘How deep is the market for class-A luxury units at those rents?’ Now we have a pipeline ahead of us. This is the first deal that is going to open up the floodgates to more activity there. This is a catalyst trade.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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.

More from this author


GlobeSt. Multifamily Fall 2023Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.