Cityview Sells Equity Share of The Pearl on Wilshire in Los Angeles

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Cityview Sells Equity Share of The Pearl on Wilshire in Los Angeles

12.18.2019

LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million.

Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies.

Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court.

Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry access and a grab-and-go coffee bar. Orangetheory Fitness, Alchemist Coffee Project and The Carving Board occupy the ground-floor retail space.

The property opened in June 2018. The development team included CBG Building Co., VTBS Architects and Nadia Geller Designs. Greg Harris of Institutional Property Advisors represented Cityview in the sale.

Originally published in Rebusiness Online