Brooklyn Cos., a new family-run real estate firm, has made its first purchase in Los Angeles with a multifamily acquisition in Koreatown.
The company paid $11.25 million to acquire a 45,000-square-foot property in the bustling neighborhood, with plans to invest another $2.4 million on upgrades, Brooklyn Cos. said.
Laramar Group, a real estate investment firm with offices in Denver, Chicago and L.A., sold the property. It paid $9 million to acquire the building in July 2015, property records show.
HFF represented Laramar Group. Thorofare Capital provided the financing, also arranged by HFF.
Located at 240 S. Western Avenue, the apartment building — formerly known as the Towers on Western — includes 54 units and roughly 10,600 square feet of retail space. The firm plans on renovating the 16 vacant units, and will add over 3,000 square feet of resident amenities.
Once completed, it will be rebranded to the St. Charles.
Brooklyn Cos. is a new venture led by president and CEO Noel Hyun, a land use attorney, and her brother, vice president Philip Hyun, also an attorney. The firm provides investment, development and advisory services for high net worth families, and manages a portfolio that includes $150 million in assets, according to a company statement.
In Koreatown, the company will be joining prolific developer Jamison, which owns a substantial amount of residential and commercial properties in the neighborhood. Jamison is working to redevelop an aging strip mall at 800 Western Avenue, located just a few blocks away from the Brooklyn Cos. project.