Investment Highlights
- AFFORDABLE HOUSING CONVERSION OPPORTUNITY - Roughly 90% of the tenants currently living at Virgil Square have a rent below the 80% AMI rent limits in Los Angeles County
- KOREATOWN IS BOOMING - Located in the heart of Koreatown, one of the fastest growing submarkets of LA and offers unparalleled accessibility, superior walkability, and a vibrant nightlife scene.
- RENOVATED ASSET - All of the unit interiors were renovated between 2014 & 2016 and include, white appliances, Formica countertops, upgraded cabinetry, wood style vinyl flooring, smart locks & more.
- HIGH ACCESSIBILITY TO EMPLOYMENT - The Property is located within a 30-minute commute of more than three million jobs across a diverse set of employers and industries and nearly 220 million square feet of office space.
- A WALKABLE TRANSIT-ORIENTED COMMUNITY - Virgil Square offers residents excellent walkability (94 walk score) and access to transit (79 transit score), a rare combination for apartment buildings in the Los Angeles region.
- STRONG DEMAND FOR KOREATOWN HOUSING - In spite the strong pipeline of recent deliveries, Koreatown has achieved positive absorption in four of the past five years and is projected to continue posting positive absorption over the next three years. By 2027, annual supply growth is expected to fall to its lowest levels in a decade.
- GENEROUS AMENITY PACKAGE - Virgil Square offers residents an amenity package that includes two swimming pools and sundecks, central courtyards with gas fired barbecues, 10 on site laundry rooms, on-site storage lockers, and ample garage parking.
- Institutional Property Advisors ("IPA"), is offering Virgil Square as part of the Koreatown Portfolio concurrently with Hampshire Place (259 Units) and Versailles (225 Units). Offers will be considered on an individual, multi-property, or complete portfolio basis.
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