It is undeniable that Koreatown is one of the fastest growing and most popular markets in Los Angeles, but for anyone doubting the voracity of the market, a new multifamily delivery proves the exceptional demand. Developer CityView has completed The Pearl on Wilshire, a 346-unit luxury multifamily complex with 8,300 square feet of retail space, with 75% of the property leased. The leasing velocity has exceeded the developer’s already bullish expectations for the market.
“We have had an exceptional response, and we are extremely happy with the progress. We started preleasing in May 2018 and had our first move-ins in July. At the end of November, we 2 are 75% leased. On a 346-unit project, that is a substantial absorption rate and it is far ahead of what we had budgeted or had anticipated. So, we have had a very pleasant response from the community and from prospective tenants.” Melissa Bartolucci Delgado, VP of asset management at CityView, tells GlobeSt.com.
Koreatown was a perfect fit for the developer’s initial objectives, and only evolved closer to those objectives during construction. The market is dynamic, centrally located with access to public transportation and has walkability with amenities. “We really pride ourselves on selecting dynamic neighborhoods and driving cities, and Koreatown is a great example of such a location in the heart of Los Angeles,” says Delgado. “Wilshire Boulevard is one of the busiest urban corridors, and we try to focus on transit-oriented locations. This location is also that. It allows residents accessibility to multiple Los Angeles neighborhoods, via foot, car, bus or train. Koreatown is one of the densest neighborhoods in Los Angeles, and it met the full criteria of what we were looking for.”
Above all, the developer set out to attract young, professional tenants, which in this market means one thing: amenities. The initial design conception, as a result, focused on amenities for resident both in and out of the unit. “We felt like this was an ideal opportunity to design and curate a project that would fit into the fabric of the neighborhood,” says Delgado. “Early on in our design phase, we put together a focus group and honed in on the target demographic and our consumer. We also wanted to provide a full amenity package both in the community and in our interior units to really target that demographics and fulfilled needs. As a result, we thoughtfully crafted every aspect of the property to be amenity forward not only for the residents and for the entire community.”
Delgado declined to comment on the company’s long-term goals for the wildly successful project or whether the company has received unsolicited offers as a result of the strong leasing activity. For now, she says, “We are focused on completing the lease-up and continuing to provide residents with a unique experience.”