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Real Estate Bisnow (LA)
BOMA (SavesCRE) L-LA

Behind California's
Largest Multifamily Deal (This Year)

It isn't just Psy who can make a splash in Koreatown. You've already heard about what's believed to be 2014's largest multifamily/mixed-use deal in California, the $283M sale of the Vermont. We spoke with the new owners yesterday.

A partnership of Capri Capital Partners and TruAmerica Multifamily bought the project from a partnership of JH Snyder and Washington Capital Management. (It sounds like everyone has a partner for square dancing. We'll stop asking.) Capri vice chairman Ken Lombard tells us the firm became interested during construction, before anyone knew if it was for sale. It closed in just 45 days. Ken says the new 464-unit, luxury apartment complex at Vermont and Wilshire is a quality, Class-A asset that meets Capri's return criteria. In addition to this new asset, Ken also recently welcomed his third grandchild, Kaiya.

CohnReznick (Field) MLA

TruAmerica CEO Bob Hart must have enjoyed his four previous deals with Capri, since he also vacations there; this pic is from the Island of Capri during a three week trip Italian trip with wife Cindy and daughter Mia. He gives a hat tip to JLL, which marketed the deal. Any pre-sale, Bob notes, means accepting the lease-up risk, but he has experience in Koreatown—like The Mercury, a condo conversion that Bob bought while heading Kennedy Wilson's multifamily division. At the Vermont, he particularly admires its "tremendous amenity package, which really spoke to the demographics in that area."

JH Snyder boss Jerry Snyder envisioned an apartment project akin to a five-star hotel. The Vermont, completed in May, has been leasing seven to 10 units per week, he says, moving along at its projected rents, which "nobody said we'd get." No one had done a luxury high-rise in Koreatown, where most of the buildings are mid-rise. The Vermont's two towers are 29 and 23 stories. Jerry bought the site during the recession, and Vermont was the first resi development to be built in LA since the downturn.

Did we mention The Vermont is the largest multifamily sale in Koreatown's history? JLL's Javier Rivera, Joe Leon, David Young, and David Doupe repped the seller. The complex includes 31k SF of retail space and a quarter-acre public courtyard along Wilshire. And as Jerry points out: "You can see the ocean from one window and Downtown from another."

  
  
Lynden Biz Park LA
City of El Segundo (Launch2) LA
Allen Matkins (Survey-man2) LA

Hotel Books $10M Makeover

Laurus Corp has slated a $10M renovation for its newly acquired Marriott Warner Center in Woodland Hills. The 16-story, 474-room hotel is located in the 101 Technology Corridor, an area along the Ventura (101) Freeway that's had an influx of tech companies and corporate campuses. (Perhaps instead of chocolates on their pillows, they'd find Candy Crush Saga color bombs.) The firm focuses on value-add opps requiring complex structuring, active management, repositioning, and renovation. Ethika Investments, a real estate investment fund affiliated with Laurus, provided capital for the deal.


Madison's Three-Peat in Glendale

Madison Partners' sale of the Glendale Financial Center, 225 W Broadway in Glendale, marks the third time the brokerage has sold the 112k SF office building. (Maybe this time the building will get the hint.) It's 95% leased. The buyer, a foreign investor, was attracted by the property's stabilized income and the tenants' long term of occupancy, as well as the upswing in Glendale's economy, according to Madison's Lynwood Fields. He and colleagues Bob Safai and Matt Case repped seller Cambra/Angelo Gordon.


Join us for Bisnow's
Creative Office Summit!

It seems like all space nowadays is trying to be creative, so Bisnow's thrilled to be holding our second annual LA Creative Office Summit on July 31 at the JW Marriott LA LIVE. Our all-star lineup, who'll discuss all the latest trends, includes Kilroy Realty's Jamas Gwilliam, Howard Stern, PMI Properties' Jeffrey Elliot Palmer, Cross Campus' Ronen Olshansky, Howard Building's Paul McGunnigle, and Tangram Studio's Charlotte Wiederholt, with moderating by Allen Matkins' Pete Roth. Plenty of networking, too! Sign up here.


5th Bisnow Video

With Bisnow Education's latest video, Real Estate and Their Asset Classes, we drill down to fine-point dynamics of the industry itself, explaining vital differences among the many opportunities (economic and otherwise) commercial real estate has to offer. Peter Linneman, Wharton's real estate program founder and chairman, continues to share his extensive knowledge of how real estate sectors differ in operating, organizing and providing revenue, including:

  • Differences among Class-A, B and C properties.
  • Risks associated with retail hotel types (the differences are significant)
  • Shifts of demand within multifamily
  • Strip centers vs. power centers
  • The Internet challenge
  • And more

This is our latest video and video No. 5 in our hugely popular educational series, with more to come. This one contains two-and-a-half hours of useful information, but it can be digested in bite-sized, five-minute spoonfuls that go down easy (watch a sample here). It's available to Bisnow readers for only $99, or purchase all five videos for $199. Order yours here, and for training program group licenses, email Will Friend at will@bisnow.com.

Bisnow (video-AssetClasses)

Were you there when the water started gushing down Sunset? Email your pics to julie@bisnow.com.

 
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