Colliers recently facilitated the sale of Maya Apartments, a 72-unit complex situated in Los Angeles’ vibrant Koreatown neighborhood. The property was marketed by Senior EVP Kitty Wallace, senior associate Anna Kampling and associate Melanie Nutting on behalf of an institution and successfully sold to a private investor for $30 million. This transaction marks the third-highest price achieved for new construction in the submarket within the past three years, according to CoStar.
Wallace commented on this successful deal, stating that it is representative of Colliers’ ability to navigate today’s market conditions. She explained that despite currently suppressed rents due to COVID restrictions, this buyer has acquired a high-quality asset at an advantageous cost basis. With limited competition and strong housing demand in this area, they can expect both increased cash flow and long-term appreciation.
The Maya Apartments are located at 535-547 S Kingsley Dr., boasting 69,951 square feet of Class A space constructed with type 3 concrete materials featuring floor-to-ceiling windows. Each unit offers luxurious interior design elements such as white quartz countertops and stainless steel appliances along with other desirable features like high ceilings (13 feet), built-in Hunter Douglas roller shades, designer closets,and Nest thermostats. Additionally,the convenience of having in-unit washers and dryers adds further appeal for potential tenants.
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