Jamison Properties just crossed a milestone.
The Koreatown developer just completed its first ground-up construction project on its home turf. It is the first of four the company plans to complete this year in Los Angeles.
The 72-unit market rate project at 535 South Kingsley Drive, called the Maya, is seven stories and features one- and two-bedroom apartments between 580 and 1,265 square feet. The units include stainless steel appliances, balconies, and in-unit laundry. Amenities include a gym, pool, and a rooftop terrace.
In a news release, Jamison Properties CEO Garett Lee said he expects to hit full occupancy by year end, as “the inventory of multifamily product in Koreatown has not kept up with demand.”
For years the family firm focused on commercial properties, but broke into the multifamily game in 2013, when it converted a nine-story commercial property on Wilshire Boulevard into the 127-unit Westmore project.
Jamison hasn’t slowed down since, filing a flurry of applications for multifamily projects, mostly in or adjacent to Koreatown. The city approved its plans for a 16-story project near the Wilshire Professional Building a month ago.
Also scheduled for completion this year is Jamison’s biggest project yet — the $500 million Circa luxury condo development in Downtown, which includes 648 units across two 35-story towers and 48,000 square feet of retail and restaurants at its base.