Jun 16, 2016
By: Kelsi Maree Borland, Globest
The property features 467 units, making it the largest apartment complex in Koreatown.
LOS ANGELES—Century West Partners has completed construction of the final building of K2LA, a new multifamily complex that has been hailed the largest and most amenitized complex in Koreatown.
Already, the property has seen enormous success. The second building opened in March and is already 60% leased. Century expects building three to experience similar success, with a goal of leasing 40 units per month.
“The K2LA community features smart residences situated within three contiguous buildings. Great measures were taken to ensure the buildings fit into the surrounding neighborhood through the use of materials, scale, design and landscaping,” Kevin Farrell, president of Fifield Realty Corp. and a partner at Century West Partners, tells GlobeSt.com. “The lease up is going quickly. We opened the second building in the K2LA campus in March 2016 and are 60 percent leased. Our third and final building opened this week and the interest has been tremendous. We are expecting to lease 40 units per month, as we enter summer months.
Rent for a studio apartment in the community runs $1,800 to $2,100, while one-bedroom apartments are $2,300 to $2,640 and two-bedrooms are $3,100 to $3,475. The building is very highly amenitized, starting with a 24-hour concierge as well as fitness centers, business centers, resort-style swimming pools and rooftop decks. These amenities help to attract the young professional demographic that is migrating to the area. Our renters tend to be professionals who are part of the growing class of tech-savvy, sophisticated and discerning renters who want to live in this up and coming neighborhood but also want a suite of luxury amenities not commonly found in rentals,” adds Farrell. “We are creating a community here, with services and events that bring residents together like rooftop yoga and rooftop lounge areas, with amazing views of Downtown L.A., by the way.”
In addition to the quality of the property, K2LA is also in a great location. The 476-unit property is walking distance to the Wilshire/Vermont Metro station, in close proximity to the 110 and 10 Freeways, adjacent to the Downtown market and in an incredibly walkable area with access to restaurants, nightlife and retail. These factors aren’t only fueling the success of K2LA, but evolution of the Koreatown market. “Koreatown is a core area near downtown that is in the midst of a redevelopment renaissance right now,” explains Farrell. “This area is a vibrant up and coming hot spot in Los Angeles. K2LA fits in as the largest luxury apartment development in the area. As such, it is meeting really high demand for an upscale living experience. With Beverly Hills, Downtown Los Angeles, and Hollywood only minutes away, K2LA establishes a logical home-base for renters to access major employment centers and pursue a multitude of citywide attractions.”
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