Pearl on Wilshire, a seven-story, 346-unit multifamily property with 7,813 square feet of retail on Wilshire Boulevard in Los Angeles’ Koreatown neighborhood, has sold for $170.9 million, which represents $493,858 per apartment unit.
The seller was Wilshire Hobart 377 Project, a joint venture between CityView, the Los Angeles County Employees Retirement Association and Hankey Investment Co. The sale occurred through a partnership buyout by Hankey Investment Company, one of the original investors in the project.
“Over the past several years, Koreatown has generated an influx of investment and development rivaling that of entire cities and has entered the national spotlight as one of the fastest-growing and most vibrant submarkets in California,” said Greg Harris, IPA executive managing director. “Everything came together perfectly for the Pearl: a flagship location, beautiful design and excellent attention to detail,” added Kevin Green, IPA senior managing dir
