L.A.’s Koreatown is on the come up this year after having been a part of one of California’s biggest real estate transactions of 2014.
The Vermont, located at the corner of Wilshire Boulevard and Vermont Avenue, was bought by Capri Capital Partner’s Chairman Quintin E. Primo III and Vice Chairman Ken Lombard. The high-rise was built by Snyder Co. for about $200 million dollars. The apartment complex sold for $283 million, which is actually a pretty good deal considering one of the most expensive penthouses in the world was $237 million dollars by itself.
The Vermont features 464 apartments in two towers, one being 23 stories and the other 29 stories, and a 24-hour doorman. So far about 110 apartments have been rented, many by Koreans and graduate students from Asia. Rent runs at about the low $2000s to high $3000s per month.
Koreatown isn’t exactly known for being the greatest place to live- it was hit pretty hard in the 1992 L.A. riots. With all the new developments adding to the neighborhood, you just have to check out Koreatown’s new digs: