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

Dec.December 18, 2019 09:29 AM
Don Hankey, Chairman of Hankey Investment Comapny, and Cityview CEO Sean Burton, with a rendering of The Pearl on Wilshire
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.

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.

Related Articles

Welton Jordan of EAH Housing, and the block in South Park where the nonprofit development organization wants to build a 64-unit complex (Credit: Google Maps)

Two affordable housing projects will add 120 units to transformed South Park

Seamless thumbs up background.

Mark your calendars: These are LA’s top real estate events next week

14518-14526 Erwin Street (Credit: Google Maps)

Developer wants 71-unit complex to rise in Van Nuys Opportunity Zone

The project site (Credit: Google Maps)

New venture Staley Point Capital plans self-storage facility in LA Opportunity Zone

A former Fannie Mae employee to get 76 months for fraud

Ex-Fannie Mae employee sentenced in bribery, kickback scheme

Neil Kadisha

Property suit, Beverly Hills billionaire edition: Get that hot tub off my lawn!

Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

(Credit: iStock)

Despite federal suit, LA landlord won’t fire property manager accused of sexually abusing tenants