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

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 and the development site (Credit: Google Maps)

Jamison files plans for mixed-use complex in Koreatown

Jamison files plans for mixed-use complex in Koreatown
CBRE CEO Bob Sulentic; the firm has shifted its global HQ from LA to Dallas. (CBRE, Getty)

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market
Gidi Cohen and Adrian Goldstein with the property (Credit: Google Maps)

CGI Strategies plans 86-unit apartment complex in Hollywood

CGI Strategies plans 86-unit apartment complex in Hollywood
Neil Kadisha, Jaime Lee, and the building (Credit: CHANCE YEH/Patrick McMullan via Getty Images)

Jamison sells 72-unit Koreatown complex to Omninet

Jamison sells 72-unit Koreatown complex to Omninet
Jamison’s Jamie Lee and 3020 W. Wilshire Boulevard (Credit: Google Maps)

Jamison plans 262-unit complex

Jamison plans 262-unit complex
An illustration of Airbnb's Chief Executive Brian Chesky

Los Angeles No. 1 in country for Airbnb, other short stay rentals

Los Angeles No. 1 in country for Airbnb, other short stay rentals
CBRE CEO Robert E. Sulentic, and Keller Williams Founder Gary Williams with the Lantana property

Keller cries foul: Brokerage sues CBRE over WeWork lease deal

Keller cries foul: Brokerage sues CBRE over WeWork lease deal
Jamie Lee of Jamison and the property

Multifamily developer Jamison expanding in West LA with development site purchase

Multifamily developer Jamison expanding in West LA with development site purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...