Jamison has sold its first apartment development project in Koreatown.
Omninet Capital paid $32.4 million for the 72-unit Maya Apartments at 535 S. Kingsley Drive, according to Commercial Observer. The deal for the 70,000-square-foot property pencils out to $465 a foot.
Jamison, whose holdings are concentrated in Koreatown, completed the Maya construction in 2018, five years after buying the site for $4 million, according to the report.
Omninet owns around 13,000 rental units across the country and is heavily invested in Las Vegas. Managing partner Michael Danielpour said earlier this month the firm plans to acquire $250 million worth of commercial properties this year.
Before the Maya project, Jamison had repurposed some of its office holdings into apartment buildings. The company has also expanded across Los Angeles, and has embarked on more ground-up development over the last few years. It continues to convert some of its office properties into multifamily buildings.
Jamison filed for several new projects over the last couple of years. The coronavirus appears to have slowed that pace in 2020. So far this year, it has filed for one project, a 262-unit residential complex on the Koreatown-Westlake border. But it has secured financing for other planned projects and has also started construction. [CO] — Dennis Lynch