Jamison opens the Abbey, its second-ever multifamily venture

Landlord acquired the property as an office building 8 years ago

Nov.November 14, 2016 03:00 PM
Jamison founder Dr. David Lee and the Abbey at 3550 West 6th Street (Credit: Council of Korean Americans, Bruce Beck)
Jamison founder Dr. David Lee and the Abbey at 3550 West 6th Street (Credit: Council of Korean Americans, Bruce Beck)

Cementing its stronghold in the multifamily market, the notoriously press-shy Jamison announced Monday the debut of the Abbey, a 110-unit apartment complex in Koreatown and its sophomore residential project.

The prolific Koreatown landlord acquired the six-story Abbey building at 3550 West Sixth Street about eight years ago, according to the firm’s spokesperson, Bruce Beck. Property records show, however, that it last traded hands for $4 million in 2002.Built in 1927, the Abbey is the adaptive reuse of a former 80,000-square-foot office structure. Its current units range from 550 to 1,069 square feet and feature ceilings up to 14 feet, wood floors and private balconies. Apartments include studios, one-bedrooms and two-bedrooms.

Roof of the Abbey (Credit: Bruce Beck)
Roof of the Abbey (Credit: Bruce Beck)

In addition to typical amenities, the roof deck contains “landscaped” dining areas, fire pits, barbecue stations and a bocce ball court. Half of the complex is pre-leased, according to the Jamison announcement. The other half is projected to be filled by the end of the year, Garrett Lee, Jamison Properties’ president, said.

“Koreatown is on the shortlist for people looking for a vibrant city living experience,” he added in the statement.

And Lee is certainly putting his money where his mouth is. The developer ventured into residential investments just three years ago with the 127-unit Westmore at 3075 Wilshire Boulevard. But since then, it has taken the multifamily market by storm. In the past three months alone, Jamison filed at least seven new projects, nearly all of which are in Koreatown.

One of its larger new plans calls for a two-structure, 641-unit complex on the block bound by 7th Street, Wilshire Boulevard, Irolo Street and Mariposa Avenue.

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