February 9, 2017 – In another sign that Koreatown is one of the “hottest” multi-family neighborhoods and investment opportunities in Los Angeles, Colliers International has negotiated the $8.6 million sale of The Ashmont, a historic Art Deco apartment building, just as demand is soaring among young professionals in this suddenly resurgent Mid-Wilshire neighborhood.
Located at 908 S. Hobart Blvd. the 50-unit building was purchased by Los Angeles-based Vista Investment Group. Colliers International Executive Vice President Kitty Wallace represented the seller, a private long-term owner, while Vista represented itself in the transaction.
Built in 1928, the five-story brick apartment building features studio and one-bedroom units, a garden and a large laundry facility. The transaction also included an adjacent 9,029-square-foot fully entitled land parcel that is currently being used as a 33-car gated parking lot for the apartment complex. The building was approximately 90% leased at the time of closing.
Vista plans to give the building a complete renovation, including upgrades to major building systems, exterior and common areas, landscaping, and unit interiors as turnover allows. Improvements within the apartments will include refinished and polished original hardwood floors, exposed brick accent walls, new shaker cabinets with quartz countertops and stainless steel appliances, and modern bathroom fixtures.
“The Koreatown market continues to improve with the influx of young professionals who have been the nexus for a 57% increase in average household incomes in the area since the year 2000, causing a rise in rental rates to competitive market levels and bringing in a flood of potential investors,” said Wallace. “Vista was fortunate to acquire a great asset in one of the most desirable pockets of Koreatown with tremendous upside. We believe they have the right vision to renovate and bring the building to its full potential.”
A recognized leader in the commercial real estate industry, Wallace is also a five-time winner of Real Estate Southern California’s “Most Powerful Women in Real Estate” award and has made the magazine’s “Hot Broker List” multiple times. Among the top 1 percent of investment brokers in the nation, Wallace is the top agent for total number of multifamily transactions in California and the top-ranked multifamily broker for Colliers in the Greater Los Angeles area.
Vista Investment Group LLC is a privately held real estate investment firm engaged in the acquisition and value-add asset management of commercial real estate in the western United States. The company’s primary focus is on acquiring and repositioning multifamily and office properties in Northern and Southern California.