Omninet Buys Jamison’s Koreatown Apartments for $32M

The 72-unit building was Jamison’s first ground-up multifamily development

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Omninet Capital just added to its summer buying spree with the acquisition of a multifamily development built by Jamison Properties in Los Angeles’ Koreatown.

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The firm paid $32.4 million for the 72-unit Maya Apartments, according to CBRE, which announced and brokered the deal. At about 69,650 square feet, the deal pencils out to approximately $465 per square feet at a 4 percent cap rate.

The development is located at 535 South Kingsley Drive, just north of 6th Street. The Wilshire/Vermont Purple Line stop is about two blocks away.

Jamison purchased the site for $4 million in 2013, property records show, and completed The Maya in 2018 with a mix of one- and two-bedroom units. It was Jamison’s first ground-up multifamily development following the adaptive reuse of two office buildings in Koreatown into multifamily communities, according to Jaime Lee, Jamison’s CEO.

“Given our current robust apartment development and delivery pipeline, the sale of The Maya Apartments enables us to make our operations more efficient with a focus on larger projects,” Lee said in a statement. 

Jamison has been Koreatown’s most prominent development and investment firms driving Koreatown’s multifamily development boom. The firm has spent much of the past decade converting its portfolio of older office properties into multifamily developments amid growing demand for residential space.

CBRE’s Laurie Lustig-Bower and Kamran Paydar represented Jamison in the deal.

“We continue to see strong investor demand for quality assets in strategic locations like The Maya,” Paydar said. 

Omninet, the Beverly Hills-based investment firm, has been on a tear this summer, but mostly with office properties. Michael Danielpour, managing partner at Omninet Capital, said earlier this month that the firm plans to add $250 million of commercial acquisitions by the end of this year. It is about 13 percent of the way there now with the Koreatown deal.

Earlier this month, Omninet purchased an office portfolio in Westlake Village for $55 million, which followed three other office acquisitions, including in Torrance and Commerce.