Investment Highlights
- AFFORDABLE HOUSING CONVERSION OPPORTUNITY - Roughly 60% of the tenants currently living at Versailles 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.
- QUALITY INTERIOR FINISHES - Interiors feature in-unit washers & dryers, stainless steel appliances, granite countertops, vinyl plank flooring, cherry wood cabinetry, breakfast bars, & smart locks.
- 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 - Versailles offers residents excellent walkability (98 walk score) and access to transit (75 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.
- UNIQUE AMENITY PACKAGE - Versailles offers residents a unique amenity package that includes a large 24-hour fitness center, swimming pool, spa, wet sauna, dry sauna, putting green, conference rooms, clubhouse, billiard room, central courtyard with various seating areas, on site storage, leasing office, large mail room, and ample on site garage parking.
- Institutional Property Advisors ("IPA") is offering Versailles as part of the Koreatown Portfolio concurrently with Virgil Square (142 Units) and Hampshire Place (259 Units). Offers will be considered on an individual, multi-property, or complete portfolio basis.
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