Jamison sells 72-unit Koreatown complex to Omninet

Maya Apartments was Jamison’s first ground-up development project

Los Angeles /
Jul.July 16, 2020 12:00 PM
Neil Kadisha, Jaime Lee, and the building (Credit: CHANCE YEH/Patrick McMullan via Getty Images)
Neil Kadisha of Omninet, Jaime Lee of Jamison, and Maya Apartments. (Credit: CHANCE YEH/Patrick McMullan via Getty Images)

Jamison has sold its first apartment development project in Koreatown.

Omninet Capital paid $32.4 million for the 72-unit Maya Apartments at 535 S. Kingsley Drive, according to Commercial Observer. The deal for the 70,000-square-foot property pencils out to $465 a foot.

Jamison, whose holdings are concentrated in Koreatown, completed the Maya construction in 2018, five years after buying the site for $4 million, according to the report.

Omninet owns around 13,000 rental units across the country and is heavily invested in Las Vegas. Managing partner Michael Danielpour said earlier this month the firm plans to acquire $250 million worth of commercial properties this year.

Before the Maya project, Jamison had repurposed some of its office holdings into apartment buildings. The company has also expanded across Los Angeles, and has embarked on more ground-up development over the last few years. It continues to convert some of its office properties into multifamily buildings.

Jamison filed for several new projects over the last couple of years. The coronavirus appears to have slowed that pace in 2020. So far this year, it has filed for one project, a 262-unit residential complex on the Koreatown-Westlake border. But it has secured financing for other planned projects and has also started construction. [CO]Dennis Lynch


Related Articles

arrow_forward_ios
The measure bars landlords from evicting tenants who suffered a financial hardship brought on by the pandemic. (Getty)
LA County extends eviction moratorium another 3 months
LA County extends eviction moratorium another 3 months
Los Angeles rents are increasing - but not yet at pre-pandemic levels (Getty)
Rents in LA are climbing from their pandemic lows
Rents in LA are climbing from their pandemic lows
Renderings of the project (The Harper on Sunset)
Hotel, apartment complex planned on Sunset Strip
Hotel, apartment complex planned on Sunset Strip
Rendering of the project (Triangle Culver City)
Bastion Development plans another apartment complex on Culver City border
Bastion Development plans another apartment complex on Culver City border
Taix French Restaurant and Holland Partner Group’s Clyde Holland (Google Maps)
Battle heats up over Holland Partner Group’s plans to redevelop Taix restaurant
Battle heats up over Holland Partner Group’s plans to redevelop Taix restaurant
2649-2657 W. San Marino Street (Google Maps)
Westlake apartment project could replace century-old buildings
Westlake apartment project could replace century-old buildings
(iStock)
Rent prices will keep rising in suburbs: USC report
Rent prices will keep rising in suburbs: USC report
J.H. Snyder partner Lon Snyder with One Museum Square. (J. H. Snyder, One Museum Square)
JH Snyder lands $172M loan on new luxury rental tower
JH Snyder lands $172M loan on new luxury rental tower
arrow_forward_ios

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

Loading...