Lee & Associates Represents Buyer in Purchase of Koreatown Development Site
FOR IMMEDIATE RELEASE
Senior Vice President
Lee & Associates Investment Services Group Represents Buyer
in Purchase of Koreatown Development Site
51 Units are Proposed for the Tier 3 TOC Site on Fedora Street in Los Angeles
LOS ANGELES – February 19, 2019 – Lee & Associates Investment Services Group has announced the sale of a 0.27-acre development site located at 1047-1053 S. Fedora Street in the Koreatown neighborhood of Los Angeles. Senior Vice President, Jesse Muñoz, represented the buyer, Fedora Flats, LLC, in the transaction.
Located in a Tier 3 Transit Oriented Community (TOC) and designated Qualified Opportunity Zone (QOZ) one block south of Olympic Boulevard near Normandie Avenue, the two-parcel property closed in just under three months despite delays due to the federal government shutdown.
“With construction costs on the rise and regulatory uncertainties, both parties were motivated to get the deal done quickly,” says Muñoz, who represents Los Angeles-area multifamily investors and ground-up developers.
According to Muñoz, the buyer is an experienced developer who plans to update the original 40-unit multifamily proposal and apply the City’s TOC density bonus incentive. The Buyer may also receive federal tax benefits due to the property’s QOZ status, he says.
The seller, 1053 South Fedora, LLC, was represented by Andrew Suh of Choice 100 Realty, Inc.
About Lee & Associates
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit www.lee-associates.com. For more information on Lee & Associates Investment Services Group, visit www.lee-isg.com