Berkshire Group has acquired a 177-unit, six-story mid-rise core property located in the Koreatown neighborhood of Los Angeles. The property has been renamed Berkshire K2LA. No financial terms were disclosed.
BOSTON–(BUSINESS WIRE)–Berkshire Group announced the purchase of a 177-unit, six-story mid-rise core property located at 685 New Hampshire in the Koreatown neighborhood of Los Angeles, California. The Property was one of three contiguous buildings originally known as K2LA and has been renamed Berkshire K2LA.
This acquisition represents the third property in Los Angeles purchased by Berkshire in recent years along with One Santa Fe in the Arts District and MetLofts in Downtown Los Angeles.
“Los Angeles is one of Berkshire’s top target markets as it meets all of our criteria for sustained growth over the longer term,” noted Eric Schrumpf, Senior Vice President, Multifamily Acquisitions, Berkshire Group. “The Koreatown submarket has a walk score of 95 and provides convenient access to jobs, public transit and one of the most vibrant nightlife and entertainment scenes in all of Southern California. We’re excited to bring the Berkshire brand to Koreatown and continue to look for additional opportunities to expand our portfolio across Southern California.”
K2LA’s apartment home makeup consists of studio, one- and two-bedroom floor plans that feature gourmet kitchens with stainless steel appliances and in-unit storage with washer and dryer. The property features a clubhouse with game tables and 80″ flat screen TVs, a rooftop deck, grilling center, pool, spa and fireplaces.
About Berkshire Group
Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of June 30, 2017, Berkshire Group had approximately $7.0 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshire-group.com.