Jamison sells 3 Ktown properties, including shovel-ready site

Prana Investments acquired pair of apartment complexes from multifamily developer

720 S. Normandie Avenue and 709 S. Mariposa Avenue (Google Maps)
720 S. Normandie Avenue and 709 S. Mariposa Avenue (Google Maps)

Jamison has been in development mode but its latest move saw it shedding properties.

The multifamily investor sold a pair of Koreatown apartment buildings and a development site to San Francisco-based Prana Investments, according to the Los Angeles Business Journal.

The buildings at 709 and 720 S. Mariposa Avenue have a combined 101 units and are nearly fully occupied. In the middle is the development site, at 715 S. Mariposa, which comes with approved plans for a 44-unit apartment building.

No price was given but the deal was the largest multifamily transaction in Koreatown so far this year, according to the report.

The properties are also in a federally designated Opportunity Zone, opening up the development site to long-term tax breaks and financing opportunities.

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Jamison is one of the most active developers and investors in L.A. and Koreatown in particular, but has been relatively quiet in the new year. The firm proposed its last major development project in November — a 150-unit construction on West Sixth Street and Harvard Boulevard.

Prana owns more than 125 properties between New York, L.A., and San Francisco.The firm focuses on acquiring underperforming properties, undertaking light renovations, and repositioning those properties with higher rents.

Pro-tenant groups have accused Prana of being overly aggressive with evictions. The Bay Area group Tenants Together in 2016 called it a “mega-evictor” in Oakland.

[LABJ] — Dennis Lynch