wilshire vermont station

3183 Wilshire Blvd. ​ | ​ Los Angeles, CA 90010

The Opportunity

Wilshire Vermont Station Apartments (“Wilshire Vermont”) is a mixed-use, transit-oriented development consisting of 449-units and 37,000 sq. ft. of ground floor retail space located above the Wilshire/Vermont metro station in Koreatown, Los Angeles. ​ The property’s construction was partially financed through proceeds from the sale of tax-exempt bonds, offering extremely attractive and assumable interest-only debt at a fixed rate of 1.567%, allowing a buyer to generate above-market cash returns by locking in a historically low rate more than 300 basis points below conventional financing.

Lease trade-outs are currently averaging 19% on new move-ins and renewals, and newer properties within walking distance are proving out +$600 of headroom in rents, offering investors an opportunity to drive rents through property and unit interior upgrades. ​ The property is also offered at a significant discount to replacement cost in an escalating cost environment that is making future development infeasible with current rents and land prices.

Like many in-fill, transit-oriented developments in Los Angeles, Wilshire Vermont was developed on land owned by the LA County Metropolitan Transportation Authority (“MTA”), with 81 years remaining on the current lease and a fixed ground lease payment, subject to certain adjustments every five years.

This is an exceptional opportunity to generate above-market going-in cash returns with historically low, assumable financing, and renovate a 2008-vintage asset at a significant discount to replacement in a market appealing to young professionals, millennials and those seeking a vibrant urban lifestyle.

property summary


No. of Apartment Homes


Year Built

736 SF

Average Unit Size


Site Acreage

±139 DU/AC


36,998 SF

Retail Space Sq. Ft.

535 / 1.19/unit

Parking Spaces (Residential) / Ratio

Investment Highlights

  • An iconic Los Angeles landmark located on historic Wilshire Boulevard.
  • Ability to assume historically low, interest-only debt at a fixed rate of 1.567% producing above-market cash returns.
  • Built directly above a commuter rail line connecting residents to +1 million jobs within a 30-minute commute and offering significant long-term value to being co-located with mass transit.
  • Lease trade-outs averaging +19% on new move-ins and renewals indicating ~$300 of loss-to-lease on the current rent roll subject to certain adjustments every five years, with CIP caps on the five-year adjustments.
  • Value-add opportunity to push rents +$600 (24% over in-place) with improvements to unit interiors and common area amenities.
  • Opportunity to step into an immediately cash flowing, 2008-vintage asset at a 30-45% discount to replacement cost, offering the single best risk-adjusted return in the market today.
  • A nationally recognized, true 24/7 neighborhood located in the heart of Los Angeles with the densest concentration of bars, restaurants and nightlife in Southern California.
  • A significant discount to peer markets, offering a strong value proposition and steeper growth curve as Koreatown “catches up” to its neighboring high-rent submarkets.

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Contact Us


3333 Michelson Drive, Suite 620
Irvine, CA 92612



Senior Managing Director
CA BRE #01330214


Managing Director
CA BRE #01984295


CA BRE #0196886


Co-Head of Investment Sales
CA BRE #01188651

3183 Wilshire Boulevard ​ | ​ Los Angeles, CA 90010

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