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Gidi Cohen looks to flip K-Town apartments for $79.5M
His CGI Strategies+ bought site for $6M in 2015, finished 122-unit complex this year
Gidi Cohen’s investment firm, CGI+, has put an apartment complex up for sale in Koreatown.
The 122-unit apartment complex at 255 South Mariposa Avenue was developed by Cohen and has been listed for sale for $79.5 million, or around $650,000 per unit, according to a LoopNet listing. Cohen did not immediately respond to a request for comment.
CGI Strategies+ bought the site — formerly a healthcare facility — for $6.2 million in 2015 from Lee Hellen, records show. The firm filed plans a year later to build a 127,585-square-foot development on the site.
Construction on the site was finished this year, according to the listing. The building also includes a 4,500-square-foot retail space, as well as a rooftop, fitness center and library.
Rents for the apartments range from $2,185 to $3,100 per month, with the units ranging from 585 to 1,390 square feet in size.
CGI+ has developed a number of properties in Los Angeles and New York. Also in L.A.’s Koreatown, the firm developed a 60-unit complex on Wilshire Boulevard, which opened in 2018.
Koreatown has seen a recent boom in multifamily development, sparked by growing rents in the area. Last month, ELK Development filed plans to build its second in the neighborhood — a 60-unit property at 728 South Manhattan Place.