LOCATION! LOCATION! LOCATION!
Kidder Mathews is pleased to present Kenmore Commons, a 22 unit multi-family investment in L.A.’s flourishing and rapidly gentrifying Koreatown neighborhood. This asset has been completely and beautifully renovated and leased up. Kenmore Commons is in the best location in Koreatown, bar none. Two short blocks away from all the nightlife and short stroll to transit, living at Kenmore Commons takes you to the four corners of the city in the shortest amount of time.
Within a 3 block radius of this asset, over 1,500 new class A apartments are recently and in the process of being delivered. With the recent addition of a stunning amount of high class retail, K-Town and Kenmore are enjoying a renaissance that it has never experienced before. Rents are increasing at a high velocity. Kenmore Commons is well positioned as one of the few recently renovated assets in the market that can ride the exploding rents at just below new market construction rents. It has 21 studios and 1, 2 bedroom. Perfect in a rent control market for keeping up with rapidly increasing rents. Because of the highly sought after location and unit mix, tenants tend to be younger and not spend too many years living in the community.
As an added bonus, Kenmore Commons is literally on the best part of the best street in K-Town. Two blocks from trendy Chapman Plaza, With a walk score of 90 and a transit score of 80, the asset is a draw to the high tech and millennial crowd as a central location to the entire city of Los Angeles. Being perfectly situated, and centrally located, close but not too close to transit and traffic, Kenmore Commons attracts young, working professional residents, and students. K-Town is one of the few areas left in Los Angeles for continued rent and asset appreciation.
As a value-add play, the asset offers an investor the ability to build up to 57 units while cash flowing during the entitlement process.
