Affiliates of real estate investment firm Harbor Group International (HGI) have purchased The Vermont, a high-rise multifamily property in the Koreatown neighborhood of Los Angeles. The acquisition is HGI’s 10th investment in Southern California.
Built in 2014, The Vermont is comprised of 464 units across two towers that are connected by a 7th floor sky lobby. The property also features 31,000 square feet of ground level retail space and a six-level parking structure.
The 7th floor sky lobby offers over 27,000 square feet of outdoor space, including a resort-style pool and spa. There is also a yoga garden, dog park and several dining and entertainment areas. HGI also plans to implement $22 million in capital improvements.
“The Vermont offers the central location and expansive amenities today’s residents seek when choosing a homes,” said HGI Managing Director Greg Heller. “We see a significant value-add opportunity, positioning the community to better compete with newer, Class A properties in the neighborhood.”
The parties in the transaction were represented by Cushman & Wakefield, led by Marc Renard, executive vice chair of the firm’s Capital Markets Group.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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