Cityview sells L.A., Orange County multifamily properties for record-breaking prices
Transactions - DECEMBER 18, 2019

Cityview sells L.A., Orange County multifamily properties for record-breaking prices

by Released

Cityview has sold two properties in separate deals.

Cityview sold its interest in The Pearl on Wilshire – a 346-unit mixed-use development in Los Angeles’ Koreatown – to group led by Hankey Investment for a total asset value of $170.87 million, a record-breaking price per square foot. Located in one of the fastest-growing submarkets in Los Angeles, The Pearl achieved lease-up in 10 months at above pro forma rents after opening to tenants in the summer of 2018.

In 2019 the community was awarded the Kingsley Excellence Award, a recognition that distinguishes communities that outperform the Kingsley Index Industry benchmark for overall resident satisfaction. The Pearl is also pending Fitwel certification for its focus on residents’ health and wellbeing, as evidenced by its walk score of 97, convenient access to public transportation and large indoor bicycle storage facility.

Koreatown is known for its vibrant history, buzzing nightlife and rich food scene. Nearby attractions include The Wiltern, The Line Hotel, Korean American National Museum, CGV Cinemas Movie Theater and Pharaoh Karaoke Lounge.

And it sold Baker Block – a 240-unit multifamily property – to Baker Block Associates, LP for $113.5 million, one of the highest price-per-unit sales ever recorded for a mid-rise multifamily rental product in Orange County. The community has become a local landmark, featuring Orange County’s largest mural created by world-renowned street artist Shepard Fairey, who also designed President Barack Obama’s iconic “Hope” poster during the 2008 election.

Cityview partnered with Red Oak Investments, Johnstone Moyer, Inc., AO and Inovus Design on the original construction of Baker Block. The 181,155-square-foot community opened to tenants in December 2017.

Recently, it sold Mira, a 174-unit multifamily community in the San Fernando Valley Region of Los Angeles, to Virtu Investments for $70.5 million as part of an opportunity zone deal.




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