Capri Capital Partners and TruAmerica Multifamily have purchased the newly-constructed Vermont, a 464-unit high-rise apartment complex in the Koreatown area of Los Angeles, for $283 million. The acquisition marks the largest multifamily, mixed-use transaction in California this year and the largest in Koreatown’s history, according to a press release from Capri.
Chicago-based Capri and Los Angeles-based multifamily firm TruAmerica purchased the property from a partnership between Washington Capital Management, which manages investments for union pension plans in Washington state, and JH Snyder Development, a Los Angeles-based real estate firm. The sellers completed development of the project in May, and the new ownership team has hired Lincoln Property to handle overall property management.
The Vermont consists of two towers and includes 31,000 square feet of retail space and a quarter-acre public courtyard. The Vermont/Wilshire metro station across the street from the complex connects the neighborhood to Los Angeles County’s rail network, providing access for tenants to job centers, universities and attractions throughout the region. The investment aligns with Capri’s strategy to acquire high-quality Class A properties in urban markets with supply-demand imbalances and strong demographic, economic and income trends.
“The Vermont is a truly premier new mixed-use development that offers a diverse group of Los Angeles residents a unique experience in an urban location that has not traditionally attracted this level of product or offering of services,” said Ken Lombard, vice chairman of investments and partner at Capri. “This is an iconic asset that aligns extremely well with our investment strategy. We are excited to be investing in one of the most diverse and dynamic communities in the city.”
The purchase represents the second large apartment acquisition for Capri in Los Angeles over the past year. The firm, through a joint venture with Kennedy Wilson, purchased the 437-unit Esprit in the Marina del Rey neighborhood in June 2013 for $225 million.