Koreatown deal tops $52M

Unique improvements increase desirability

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StarPoint Properties LLC recently sold a 302-unit apartment complex in Los Angeles' Koreatown for approximately $52.8 million. An undisclosed local investor purchased the property, Emerald Terrace, which comprises two buildings at 136 and 160 South Virgil Ave. Originally built in 1971 and situated on 1.5 acres, Emerald Terrace includes 107 studio units, 150 one-bedroom/one-bathroom units and 45 two-bedroom/two-bathroom units. StarPoint purchased Emerald Terrace two years ago and has since spent over $2.5 million in renovations to the property. StarPoint enhanced the common areas of the property with a movie theater, fitness center, cyber café, billiards room, and karaoke lounge, and enhanced the units with luxury features such as granite counter tops and stainless steel appliances, according to a press statement. ...