Jamison and new joint venture partner Arc Capital Partners have started the conversion of a 13-story, 233,000-square-foot office building at 3325 Wilshire Boulevard into a mixed-use development with 236 multifamily units and 15,000 square feet of street-level community serving retail.
The joint venture has begun the seismic, mechanical, electrical, and plumbing upgrades to prepare the building for residential occupancy, which is expected in the next 18 -24 months. Each of the efficiently sized studio, one- and two-bedroom units will be designed with contemporary finishes and layouts that optimize natural light. In addition to more than 450 subterranean parking spaces, residents will have access to a range of amenities, including a gym, yoga studio, co-working spaces, screening room, karaoke room, golf simulator, game room, and outdoor deck with lounge areas and cabanas. The ground floor lobby will feature a leasing office and retail space.
Jamison, one of the largest private real estate owners in Los Angeles, has converted approximately 1.35 million square feet of older commercial office space into more than 1,200 multifamily units through adaptive reuse to date – nearly 20 percent of its multifamily portfolio.
“There simply is not enough housing in Los Angeles to meet the demand, especially in Koreatown, as new residents from other parts of LA see the value in living in a 24/7 live/work/play environment in the heart of the city,” said Jamison CEO Jaime Lee. “We are thrilled to partner with like-minded firms like Arc Capital Partners who understand that the best, most efficient way to bring more units to LA is through breathing new life into underutilized office buildings and turning them into beautiful, desirable, and sustainable apartments.”
“This will be our tenth adaptive-reuse project and in combination with our ground-up development program, we have been able to deliver more than 6,600 residences to date with an additional 2,000 under construction today, all in the City of LA,” added Garrett Lee, president of Jamison Properties, the multifamily development arm of Jamison.
“We are incredibly excited to partner with Jamison, one of the few local developers with a long history of successful adaptive-reuse projects,” said Neville Rhone, co-founder of Arc Capital Partners, which also owns the historic Chapman Plaza in Koreatown. “Converting existing office vacancy into vibrant Class A apartments can revitalize mixed-use corridors like Koreatown while providing much-needed attainable housing for young professionals.”
Los Angeles’ Koreatown, three miles west of downtown Los Angeles, is one of the city’s densest neighborhoods, with approximately 110,000 people living within three square miles. Renters make up 91% of the residents according to housing data.
The project is being financed through a $60 million taxable multifamily housing revenue bond.
Other members of the redevelopment team include architecture firm Corbel Architects and interior designers Shubin Donaldson.
About Jamison
Jamison is a privately held firm that manages 18 million square feet of commercial office, retail, medical, and multifamily properties throughout Southern California. Jamison has recently grown into one of the most active multifamily developers in the City of Los Angeles, bringing to market more than 6,600 units since 2014 with an additional 2,000 units under construction.
About Arc Capital Partners
Arc Capital Partners is an institutional real estate owner and investment manager dedicated to redefining real estate in mixed-use environments. Founded in 2013 by principals with over $10 billion of transaction experience, Arc targets middle-market investments in high barrier-to-entry Sunbelt markets with strong demographic demand fundamentals. Arc is a diverse-owned firm that pursues preferred equity, joint venture, and direct investments with both compelling value-added/opportunistic returns and downside protection. For further information, please visit www.arccapitalpartners.com.
