LOS ANGELES, CA – A $300 million 25-tale residential tower has broken ground in Koreatown, a major submarket adjacent to downtown Los Angeles. Located at 2900 Wilshire Blvd., the development team is Hankey Investment Company, LP and Jamison Properties, LP, the same team that just completed CIRCA, a $500 million luxury mixed use complex project in downtown LA, last year.

“As the Los Angeles housing market continues to be impacted, additional rental units will help provide much needed homes in a very desirable location,” said W. Scott Dobbins, president of Hankey Investment Company, who serves as the lead on the development team. “As Koreatown’s housing market continues to flourish, 2900 Wilshire provides a golden opportunity to revive an otherwise long-time vacant site, bringing much needed housing to the community.”

The 25-tale tower will rise at the corner of Wilshire Boulevard and Hoover Street, just east of the recently completed 3033 Wilshire apartment tower and the historic Bullock’s Wilshire building, which now houses Southwestern Law School. Additionally, the project is conveniently situated a few blocks east of Los Angeles Metro’s Red Line stop at Vermont Avenue and Wilshire Boulevard. The building was designed with a unique floor shape that avoids casting shade on the two parks that flank the project while providing ideal and unobstructed sprawling views of downtown Los Angeles and the Hollywood Hills.

The curved structure will contain 644 residences housed in the 25-tale tower and units, which wrap around the project’s 1,000-parking space podium. Apartment homes will range from studios to three-bedroom two tale penthouses with rents ranging from $2,000/month to $10,000/month. A one-acre rooftop park amenity deck will top the podium providing resort-style living including separate buildings for gym and clubhouse along with a pool, spa, business center, private open-air dining areas, BBQs, firepits, a dog park, a zen garden and a viewing deck to provide a respite from city life.

The project will also include 15,000 square feet of prime retail on the ground floor to bring additional vibrancy to the vicinity, which will cater to residents, locals and Koreatown visitors. Currently, the area is home to a Neighborhood Target in the year-ancient Next on Sixth apartment project, one block away. Retail tenants for 2900 Wilshire, which is slated for completion in early 2021, have not yet been announced.

Project consultants include Large Architecture, lead architect; Dianna Wong Architecture + Interior Design, interior design; and a joint venture construction team consisting of AECOM and Wilshire Construction.

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INDIANAPOLIS, IN – Emma Capital Investments announced the acquisitions of Courts I, a 148-Unit Community located at 2000 W. 79th Street, Indianapolis; and Courts II, a 336-Unit property located at 8002 Harcourt Road, Indianapolis. These are Emma Capital’s 36th and 37th buys in the United States, bringing its total bought apartments to date to approximately 9,500. 

The Properties were built in 1967 and 1973 respectively and are located next to each other. Currently, the Properties are being operated as one property. It is the intention of Emma Capital to run each of the Properties separately. The Courts I offers four different floor plans, with an overall average unit size of approximately 1,010 square feet. All units have washer/dryer appliances. The Courts II offers five different floor plans with an overall average unit size of approximately 1,098 square feet. The floorplans are some of the largest in the submarket. Both Properties boast well-maintained communities in which residents delight in relaxing, comfortable lifestyles with attractive amenity packages. Specifically, each community features a swimming pool, a children’s playground, a pet park, a fitness center and gorgeous landscaping.

“We are extremely excited about these acquisitions,” stated founding Partner and Co-Owner Haya Zilberboim. “With the addition of these properties we currently have 1,829 units in the Indianapolis market. The Seller has maintained the Properties in brilliant condition, and has recently installed new windows, sliding doors, and siding. This fact, coupled with our strength in the Indianapolis market, provides Emma Capital with a fantastic opportunity to efficiently leverage our resources to immediately focus on rent growth initiatives and capital improvement projects such as income-boosting unit interior upgrades.”  

“The Courts I and II Apartments buys represent another strong investment opportunity for Emma Capital in the Indianapolis market,” added Partner and Co-Owner Oz Cohen. “The Properties are located on Indianapolis’s north side, which is considered the city’s most desirable location from both a commercial and residential perspective. We are very pleased with the performances of our current holdings in Indianapolis and continue to focus on other Mid-West markets such as Columbus, Ohio as well as new Southern markets such as Dallas, Austin, San Antonio and Tampa.”

“The submarket has achieved strong rent growth over the past number of years and is forecast to continue to grow through 2020,” added Brian Rakowski, Emma Capital’s Asset Manager for the Indianapolis and Florida Markets. “Moreover, the Property is in a densely developed area on the employment-rich north side of Indianapolis, which is relatively affluent with an extremely low unemployment rate at 3.3%. We believe that such demographics present strong opportunities for Emma Capital.”

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BETHESDA, MD – ROSS Companies, a leader in multifamily property management, acquisition and renovation in the Mid-Atlantic region, announced that it has assumed property management of Creekside at Taskers Chance in Frederick, Md., on behalf of The BurnBrae Companies, a Bethesda based multifamily owner and residential land developer.  The 120-unit Creekside at Taskers Chance is an affordable, independent living community for active adults 55 years and better. 

ROSS will oversee community and amenity improvements and upgrades. Furthermore, the company will implement a more consumer-friendly operational strategy and revamp the community’s digital marketing efforts to better position Creekside at Taskers Chance to meet the demand for active adult housing in Frederick. 

“We are honored and excited by this new management assignment that allows us to start a valued client relationship,” said Dave Miskovich, CEO of ROSS. “With its brilliant location and fulfillment of the high demand in Frederick for 55 and over housing, Creekside at Taskers Chance is poised to thrive. We look forward to making that happen and to continuing to grow our management portfolio throughout metro D.C. as well as other markets throughout the Mid-Atlantic.”

Situated at 100 Burgess Hill Way, Creekside at Taskers Chance offers a silent, wooded setting and convenient access to Interstate 70 and 270. The community is minutes from Frederick Memorial Hospital and Fort Detrick, and close to numerous shops, restaurants, schools and parks.

Creekside at Taskers Chance features one- and two-bedroom homes, ranging in size from 566 to 809 square feet. Apartment features include elevator access to each floor in the building, fully-equipped kitchens, wheelchair accessibility and an emergency response system. Select units also include walk-in showers and balconies. Community amenities include regularly scheduled social activities, weekly transportation, a hair salon, game room and fitness center.

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