Property Details


Year Built: 2022
Units: 39
Price / Unit: $589,744
Price / SqFt: $409

Executive Summary


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Occidental Gardens is a five-story, 39-unit brand new construction apartment building located just north of W 3rd St, walking distance to prime Koreatown. Located in one of the most coveted submarkets in all of Los Angeles, this is a prime opportunity for an operator to purchase a brand-new asset and lease the units at market rates immediately. All 39 units are market-rate units with no affordable housing requirements. Construction is set to be completed and the certificate of occupancy is scheduled to be issued in mid-2022 and the property will be delivered 100% vacant at the close of escrow.

Occidental Gardens is a unit mix made up of six singles and 33 one bedrooms. The units all have spacious, open layouts with singles ranging from 614-645 SF and one-bedrooms ranging from 820-1,710 SF. Additionally, there are two levels of parking totaling 47 spaces, giving an investor the opportunity to collect income from the excess parking spaces. The units have been meticulously constructed with vinyl flooring, stacked washers and dryers, stainless steel appliances, recessed lighting, and modern bathrooms and kitchens. Additionally, each unit features either a patio or balcony. There is also a recreation room on the fifth floor for residents’ enjoyment.

The subject property is situated in an ideal neighborhood with easy access to prime Koreatown and a short commute to Downtown Los Angeles. The strong rental submarket continues to increase year-over year illustrated through the plethora of new developments of all product types within a few miles. The subject property has a walk score of 90 and is within walking distance to multiple metro local line stops on W 3rd St and in close proximity to the metro red and purple lines.

Area Overview

Koreatown

218 S Occidental Blvd is located just east of S Hoover St within walking distance to prime Koreatown, one of the trendiest neighborhoods in Los Angeles. Boasting its walkable proximity to the 3rd/Occidental metro stop as well as a 10-minute drive to the heart of Downtown Los Angeles, the subject property is provided with great transit options to experience the best the Greater Los Angeles area has to offer. Located in a premier pedestrian location, the asset benefits from easy access to employers, major studios, financial firms, entertainment, and historic attractions.

Koreatown has seen a tremendous revitalization over the last decade. An influx of capital dedicated to the revitalization of Koreatown has attracted a new resident base of young urban dwellers. This new, hip client base has brought new restaurants, night clubs, and retail opportunities, making Koreatown one of the more desirable submarkets in the greater Los Angeles area.

In the past decade, Koreatown has experienced significant gentrification and development, specifically along Wilshire Boulevard. Most notable is the Vermont, a 462-unit luxury apartment with over 30,000 SF of retail and 600 covered parking spaces.

Additionally, residents are given convenient access to the Red and Purple Metro lines. The Red line offers service from the North Hollywood Arts district all the way to Union Station in Downtown LA. The purple line is currently undergoing an extension and once completed, will offer service to the current terminus at Wilshire/ Western will extend westward for about nine miles and add seven new stations providing easy access to the Westside.

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