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

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.

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