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Commercial
Los Angeles

Schon Tepler and partner list Koreatown co-living development for $29M

The six-story complex could be finished late next year

Schon Tepler's Paul Schon and 749 Gramercy Drive (Redfin, Schon Tepler)
Schon Tepler's Paul Schon and 749 Gramercy Drive (Redfin, Getty, courtesy of Paul Schon)

A local development group is looking to cash out for $29 million on a six-story co-living project in Koreatown. But it’s not even finished yet.

L.A.-based Schon Tepler is acting as the main project developer, property manager and broker; the other partner is Shawn Naim, a local investor who bought the site through an LLC in 2019 for $1.9 million, according to records. Naim remains the property owner.

The listing went live last week.

The 36,000-square-foot complex is located at West 8th Street and Gramercy Place, on the western edge of Koreatown. The project will be completed by the end of next year, according to the development team, and will feature a co-living model that will include 91 units.

“That’s what L.A. needs — it needs more affordable housing,” developer Paul Schon said of the high-density co-living model.

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The developers are marketing the project to nonprofits and businesses that may want to provide housing for employees. The plans call for apartments with four or five individual suites that are built around a shared kitchen and living room — something akin to a luxury dorm.

It’s a model that could serve recent college graduates who are accustomed to more communal living, Schon said, as well as working professionals earning below median incomes.

Rent for the suites will likely land around $1,600, he said, “so you can be living here earning a starting salary.”

The smaller living model fits with a trend in the high-density Koreatown neighborhood, with smaller, urban-style studio and one-bedroom apartments. Many of the neighborhood’s newer, smaller apartments command rents north of $2,500.

Throughout the pandemic the neighborhood has ranked among the region’s hottest areas for infill development, with new multifamily construction adding thousands of units. Much of it has come from the family-run commercial and residential giant Jamison, a firm that for decades has held a major footprint in the neighborhood.

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Koreatown