LOS ANGELES — Capri Capital Partners and TruAmerica Multifamily LLC have acquired the newly built Vermont, a 464-unit high-rise apartment complex in the Koreatown area of Los Angeles, for $283 million.
Capri and TruAmerica purchased the property that opened in May from a partnership that includes Washington Capital Management and JH Snyder Development. Javier Rivera, Joe Leon, David Young and David Doupe of JLL represented the seller.
“Capri’s investment strategy is to acquire high-quality Class A properties in urban markets with supply-demand imbalances and strong demographic, economic and income trends,” says Quintin Primo III, chairman and CEO of Capri. “The Vermont is a model for transit-oriented development in a city that is increasingly placing a high value on density in the urban core.”
The Vermont is a multifamily property that consists of two towers, one 29 stories, the other 23. The apartment community features amenities including a shared, 16,500-square-foot sky lobby and lounge; 3,300-square-foot FIT360 gym and luxury spa; skydeck pool and garden; business center; 24-hour doormen; and club party room. The Vermont/Wilshire Metro station is located across the street.
Rents for a 640-square-foot, one-bedroom unit at The Vermont begin at $1,815, according to the property’s website.
The team of Capri and TruAmerica has hired Lincoln Property Company to handle property management. Retailers coming to the ground-level space include Jimmy John’s Gourmet Sandwiches, Fatburger, PizzaRev, Wells Fargo Bank, Sugar Nails, AT&T and a new Samsung concept store. Starbucks is already open and operating in the space.
The purchase is the most significant multifamily, mixed-use transaction in California this year, as well as the largest in Koreatown’s history, according to Capri and TruAmerica. The purchase of the Vermont is the second large apartment acquisition for Capri in Los Angeles in the past year. The company purchased the 437-unit Esprit in Marina del Rey in June 2013 for $225 million.
Capri is a Chicago-based real estate investment advisory firm that has acquired or originated more than $10 billion in commercial real estate investments since 1992. Diversified assets managed on behalf of its pension fund and other institutional investors totaled approximately $4 billion as of March 2014.
TruAmerica Multifamily LLC, founded by Robert Hart and The Guardian Life Insurance Company of America in July 2013, is an investment firm focused on acquiring, managing and rehabilitating Class B or better multifamily housing in the western part of the United States. The firm has acquired 13 new assets valued at over $900 million in the past 12 months and its management portfolio includes approximately 12,000 units.
— Scott Reid