Cityview sells off 2 apartment complexes totaling 586 units

The developer sold its majority stake in a Koreatown building to Hankey Investment, and sold a Costa Mesa complex for $114M

Don Hankey, Chairman of Hankey Investment Comapny, and Cityview CEO Sean Burton, with a rendering of The Pearl on Wilshire (Credit: BuzzBuzzHome)
Don Hankey, chairman of Hankey Investment Company; and Cityview CEO Sean Burton, with a rendering of The Pearl on Wilshire (Credit: BuzzBuzzHome)

Multifamily developer and investor Cityview has recently been a seller.

The firm shed its majority stake in a 346-unit Koreatown apartment complex it had developed, and sold a 240-unit rental property it built in Costa Mesa.

The Culver City firm sold its 65 percent interest in Pearl on Wilshire, the Koreatown project at 687 S. Hobart Boulevard. The buyer was Mid-Wilshire-based Hankey Investment, which had been the original land owner. Hankey had held a 35 percent interest in the complex.

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The 215,000-square-foot property features studio-, one- and two-bedroom units, and includes 8,300 square feet of retail space. Construction was completed in June 2018. Hankey — led by billionaire investor Don Hankey — has been an active player in the L.A. and Orange County markets. In February, the firm proposed a 490-unit apartment building in Koreatown.

For the Costa Mesa deal, Cityview sold the Baker Block apartments for $113.5 million. The complex, developed in 2016, is located at 125 E. Baker Street. Mobile home investor Michael Scott was the buyer, through the entity Baker Block Associates, records show.

Earlier this month, Cityview unloaded its under-construction multifamily development in Warner Center.