Just built, just sold: CGI Strategies finds buyer for new Koreatown rental complex

Alhambra Place Partnership acquired the 60-unit multifamily development that was completed last year

TRD LOS ANGELES /
Nov.November 04, 2019 05:00 PM
Kodo in Koreatown
Kodo in Koreatown

Prolific Los Angeles developer CGI Strategies has sold its recently-completed hotel-style residential development in Koreatown.

Alhambra Place Partnership paid $29.25 million for the 60-unit Kodo development, according to CBRE.

Laurie Lustig-Bower and Kamran Paydar of CBRE represented CGI Strategies, which completed the Kodo last year.

Arcadia-based Alhambra Place, a property manager, was represented by an outside broker. The firm did not immediately return a call for comment.

Located at 2867 Sunset Place, the 48,000-square-foot Kodo is a mix of studio, one- and two-bedroom units. About half the units were leased as short-term, furnished rentals at the time of sale as the property transitioned through lease-up during the marketing process, according to CBRE.

The complex features a common area, courtyard, fitness center and a rooftop lounge with views of Downtown. Koreatown has seen a surge in multifamily development in the last few years, led by firms like CGI and Jamison.

CGI has been an active player in Los Angeles real estate, and last year filed to develop twin seven-story buildings in Koreatown with a total of 173 units. The company, led by its founder and CEO Gidi Cohen, also is working on another multifamily project nearby, a 121-unit property on Mariposa Avenue.


Related Articles

arrow_forward_ios
Jamie Lee of Jamison and the property

Multifamily developer Jamison expanding in West LA with development site purchase

Jamison Services' Jamie Lee

Jamison signs post-production firm to long-term lease at Studio City office

From left: Comerica Bank CEO Curtis Farmer, Jamie Lee and 2842 West James Wood Boulevard (Credit: LinkedIn and Google Maps)

Jamison nabs construction loan on another big resi project

Bastion Development Corporation Executive Vice President Reid Kaufmann and the Koreatown project

This Vancouver developer is bringing a 200-unit resi project to Koreatown

Jamison Properties President Garrett Lee and the development site on Santa Monica Boulevard (Credit: LinkedIn)

Jamison’s expansion continues with plan for 100-unit resi complex in Sawtelle

Developers spent millions lobbying LA city officials last year: report

Developers spent millions lobbying LA city officials last year: report

Jamison scores loan for latest office-to-apartment conversion

Jamison scores loan for latest office-to-apartment conversion

Movers & Shakers: JLL hires tenant rep specialist, CBRE brings in new valuation leader

Movers & Shakers: JLL hires tenant rep specialist, CBRE brings in new valuation leader

arrow_forward_ios