Newly built Koreatown apartment complex asks $35M

Index Real Estate and Ketter Group developed and are selling 51-unit property

Newly built Koreatown apartment complex asks $35M
3063 West Pico Boulevard (The Decollage)

UPDATED, 11:59 a.m.: Sept. 13, 2021: A joint venture of Index Real Estate Investments and Ketter Group is listing a Koreatown apartment complex it completed this year for $35 million.

The building at 3063 West Pico Boulevard has 51 units, with 16 one-bedroom and 35 two-bedroom market rate units. PropertyShark had the price on the listing. The 3,536 square feet of ground-floor retail space was recently marketed for lease, according to CBRE.

Units range in size from 547 square feet to just under 1,407 square feet, said The Agency’s Jason Kim, the broker handling the listing. Amenities include a courtyard, a gym, a recreation room and a roof deck. There is also an underground garage with 116 vehicle spaces.

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Kim said the joint venture’s plan from the start was to develop then sell the property.

A few large multifamily deals have recently closed in Koreatown.

Last month, Xenon Investment Corporation paid $41.2 million for a pair of apartment complexes at 310 and 315 South Virgil Avenue. In July, Prana Investments bought two residential buildings, at 709 and 720 South Mariposa Avenue in what is considered the largest multifamily deal in the neighborhood this year.

Correction: This article was updated to include Ketter Group as one of the property owners with Index Real Estate. The square foot of the units was also updated, and a comment from Jason Kim was added.