LOS ANGELES--(BUSINESS WIRE)--In the largest multifamily, mixed-use transaction in California this year, a partnership of Capri Capital Partners, LLC (“Capri”) and TruAmerica Multifamily, LLC (“TruAmerica”) has acquired the newly-built Vermont, a 464-unit high-rise apartment complex in the Koreatown area of Los Angeles, for $283 million. The property also includes 31,000 square feet of retail space and a quarter-acre public courtyard along Wilshire Boulevard.
Capri and TruAmerica purchased the property from a partnership including Washington Capital Management, which manages investments for union pension funds in Washington State, and JH Snyder Development, a prolific Los Angeles-based company that has consistently delivered signature projects throughout its six decades in business.
The Vermont is a premier multifamily property consisting of two towers – one 29 stories, the other 23. The apartment community features exclusive resident amenities including a shared, 16,500 sq. ft. sky lobby and lounge, high-end 3,300 sq. ft. FIT360 gym and luxury spa, skydeck pool and garden, business center, 24-hour doormen, club party room, and beautiful open space in a dense, urban setting.
Already, the mixed-use property has infused energy and life to what was a long vacant two-acre property along Wilshire Boulevard. Since opening in May of this year, the Vermont has attracted a diverse base of young professionals interested in a high-tech, service-driven living experience with top tier amenities.
This mid-city area of Los Angeles is attracting investment and new residents due to its proximity to Downtown and the University of Southern California, as well as its easy access to the region’s growing public transportation system.
“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,” said Quintin E. Primo III, Chairman and Chief Executive Officer of Capri Capital Partners. “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/Wilshire Metro Station across the street connects the mid-city neighborhood to Los Angeles County’s rail network, providing access for The Vermont’s tenants to job centers, universities and attractions throughout the region. Southwestern Law School, housed in the historic Bullocks Wilshire building, is located one block to the east. The historic 24-acre Ambassador Hotel site, home to the Robert F. Kennedy Community Schools campus for K-12 public school students, is walking distance to the west.
The new ownership team has hired Lincoln Property Company to handle overall 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 Vermont is a truly premier new mixed-use development that offers a diverse group of Los Angeles residents a unique experience in an urban location that has not traditionally attracted this level of product or offering of services,” said Ken Lombard, Vice Chairman, Investments and Partner for Capri. “This is an iconic asset that aligns extremely well with our investment strategy. We are excited to be investing in one of the most diverse and dynamic communities in the City.”
“The Vermont exemplifies the growth and desirability of the Mid-Wilshire and Koreatown neighborhoods,” said Robert E. Hart, President, CEO and Founder of TruAmerica Multifamily. “We are delighted to be a part of this venture with Capri Capital Partners. The Vermont acquisition is an excellent example of our strategy to buy high-quality assets in growing urban neighborhoods from developers prior to their stabilization.”
The acquisition of the Vermont is the second large apartment acquisition for Capri in Los Angeles over the past year. The company, on behalf of an institutional investor, purchased the 437-unit Esprit in Marina del Rey in June 2013 for $225 million.
About Capri Capital Partners
Capri Capital Partners, LLC is an SEC registered institutional real estate investment advisory firm which has acquired or originated over $10 billion in commercial real estate investments since its founding in 1992. Capri offers a broad spectrum of real estate equity and debt products to its clients through separate account, commingled fund, and joint venture formats. Over its 21 year history, Capri has demonstrated experience investing in multifamily residential and urban investments. Diversified assets managed on behalf of its pension fund and other institutional investors totaled approximately $4.044 billion as of March 31, 2014. Capri is headquartered in Chicago, with additional offices in Los Angeles and the New York area. For more information, visit the company’s website www.capricapital.com.
About TruAmerica Multifamily
TruAmerica Multifamily, LLC founded by industry veteran Robert E. 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 thirteen new assets valued at over $900 million in the past twelve months and its management portfolio includes approximately 12,000 units across prime locations throughout Northern and Southern California, Colorado, Arizona and Washington. For more information on TruAmerica Multifamily, visit www.truamerica.com or call (818) 290-5770.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of its funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.