A Woodland Hills-based real estate investor has purchased five apartment buildings in Koreatown for $10.5 million with plans to tear down the properties, according to CBRE, which represented the seller.
CGI – Strategies in Real Estate picked up the 38,530-square-foot parcel from Brian Han, according to CoStar. That translated to about $253 a square foot. The apartments include 23 units, but a developer could build about 130 units in their place, CBRE said in a statement.
The buildings stretch from Mariposa Avenue to Fedora Street between Eighth Street and James M. Wood Boulevard.
CGI was represented by Koreatown’s Cenocore real estate firm, while Han was represented by CBRE’s Laurie Lustig-Bower and Kamran Paydar.