Iconic Investments Sells Apartment Property in Flourishing Koreatown

Press Release

Iconic Investments sold Villa Girasol, a 16-unit apartment property in L.A.’s hot Koreatown submarket, for $2,330,00 million.

The sales price for 974 S. Catalina St. equates to $145,625 per unit and $327.24 per square foot. The gross rent multiplier (GRM) is 12.28 and the cap rate is 4.2 percent.

The 1920's Spanish-style Colonial contains 13 studio apartments and three one-bedroom/one-bath units master metered for both electric and gas. Located near public transportation, Villa Girasol offers tenants automobile-free living and access to L.A.’s major employment hubs and educational institutions. With a restored lobby and common area and many unit upgrades planned, the building is poised to take advantage of robust demand and rising rents in Koreatown.

“This is a very charming building, and it has already started to gentrify,” said Peter Strauss, principal of Iconic Investments. “The buyer will continue the process by further renovating the units and common areas.”

Villa Girasol is located just off Olympic Boulevard, where many new residential projects are underway. For example, directly adjacent to Villa Girasol at the northeast corner of Catalina & Olympic, a mixed-use project with retail, office and 13 apartments units is being built. On the southern corner of Catalina and Olympic, a mixed-use project with 49 apartments and ground floor retail is in progress. Also currently under construction is 3060 W. Olympic Boulevard, a seven-story building that will feature 226 one- and two-bedroom apartments, a swimming pool, a fitness center, two rooftop decks and more than 16,000 square feet of ground-level commercial space. The property is being developed by Jamison Services Inc. one of Koreatown’s largest property owners.

Iconic Investments is a Los Angeles-based boutique commercial real estate brokerage firm focusing on multi-family properties of 15 to 100 units throughout Los Angeles in all different sub-markets. Iconic represents multi-family property owners in dispositions, acquisitions, and 1031 exchanges.