Multifamily properties in Koreatown are hot.
The Western Arms, a 76-unit, 4-story apartment building at the corner of S. Western Ave. and W. 11th St., sold for $12.6 million to Carson-based Texollini Inc.’s 1057 S Western LLC, which took the building’s address as its moniker. The building has one-bedroom and studio apartments.
Lee & Associates announced the deal on March 1. The brokerage’s Cory Stehr and Cole Martens represented the buyer and the seller, San Francisco-based Prana Investments Inc., in the transaction.
“All the new multifamily development underway in Koreatown has raised the threshold for rental rates and made this building among the most affordable in the area,” Martens said in a statement. Demand is on the rise for more modest apartment units, he said, “especially among younger tenants who are prioritizing an active lifestyle over expensive, luxury apartments.”
Prana Investments purchased Western Arms as part of a three-building portfolio in 2015 for $16.6 million.
Other multifamily property development is on the rise in the Koreatown submarket. Koreatown-based Jamison has filed plans for a 157-unit apartment with 12,000 square feet of commercial space at 744, 752 and 762 S. Serrano Ave. Jamison has also filed plans, with mid-Wilshire-based Hankey Investment Co., to build 490 residential units at 200 N. Vermont Ave. The two recently broke ground on a $300 million complex at 2900 Wilshire Blvd. with 644 residences. Jamison is also working on a 160-unit building at 700 S. Manhattan Place.
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Westmac Breaks from National Brand
In an effort to strengthen its brand as a purely commercial property company, Sawtelle-based Westmac Commercial Brokerage Co. has changed its name back from Coldwell Banker Commercial, Westmac.
“We wanted to make a clear break from a residential company,” Westmac President Timothy Macker Jr. said.
After nearly 19 years, Westmac will no longer be affiliated with the national Coldwell Banker Commercial brand. Westmac has been independently owned and operated since 2000.
“We think we can better serve our clients as an independent (brokerage),” Macker said, adding that a lot of the company’s clients “appreciate a boutique brokerage company.”
Westmac was founded in 1988. Working primarily with Westside tenants, property owners, buyers and sellers, it has sold more than 700 properties and leased more than 800.
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Truaire Consolidates Santa Fe Springs Operations
Santa Fe Springs-based HVAC manufacturer T.A. Industries Inc., which does business as Truaire, is consolidating its operations from two locations to one, signing a lease for a nearly 240,000-square-foot industrial building in its hometown.
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