Press Release

CBRE ANNOUNCES SALE OF MULTIFAMILY DEVELOPMENT SITE IN LOS ANGELES’ KOREATOWN TO JAMISON FOR $14 MILLION

16 1 2018

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CBRE announced the sale of a multifamily redevelopment site in Los Angeles’ Koreatown to Jamison, a local privately held real estate investment and operating company, for $14 million.

CBRE’s Laurie Lustig-Bower and Kamran Paydar represented the seller, Harvard 826 Property LLC, a private investor owned by Harry Neman and Robert Neman.

The site, an assemblage of parcels located at the corner of 8th Street and Harvard, currently holds vacant apartment and commercial buildings to be demolished for new development. The plot is fully entitled for 131 residential units and 4,150 square feet of retail.

“This site is ideally located in Koreatown’s 8th Street Corridor, which continues to attract investment capital and new developments,” said Lustig-Bower. “Housing in this vibrant part of town has been in high demand, and a project like this is sure to be a big success.”

Fueled by increasing demand for centrally located residences and easy-to-access amenities, Koreatown has grown into one of Los Angeles’ strongest rental markets with 97% occupancy. It is one of the most densely populated neighborhoods, centrally located and just minutes away from Downtown, Hollywood, Wilshire Boulevard’s Miracle Mile and Beverly Hills. In June, the CBRE team sold a multifamily development site in Koreatown to CGI – Strategies in Real Estate, a Woodland Hills, California-based real estate investment firm, for $10.5 million.

“This particular piece of land is also close to three Metro subway stops and boasts an outstanding WalkScore of 95,” added Paydar.

The U.S. multifamily market has remained solid. Strong rental rate growth has been driven not just by changing home ownership preferences but also by the addition of high-end multifamily projects.

Jamison is a privately held, full-service real estate operating company with more than two decades of experience in the investment, management and development of commercial real estate assets. One of the largest private landlords in Los Angeles, Jamison manages a diversified Southern California real estate portfolio of approximately 18 million square feet of commercial and medical office, retail, multifamily and mixed-use properties with a market capitalization of more than $3 billion. 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.