CASE STUDY DETAILS
- Location:
- Los Angeles, CA
The Summit
The Summit is an 11-story condominium tower in Los Angeles’ Koreatown. Units of the project range between 1,100 to 1,800 square feet with prices in the mid $300,000s to the low $700,000s. In April of 2010, Kennedy Wilson was hired as the full service asset manager of the project by Big Rock Partners in cooperation with the lender, Aareal Bank. The company began its marketing campaign for the remaining 78 units in late May of 2010. Within nine months, Kennedy Wilson sold all of the condos and closed out the project.
This success followed close-out of The Mercury, another high rise condominium in Koreatown. Both projects led to a third asset management assignment in the submarket, when ST Residential hired Kennedy Wilson to oversee the 186-unit Solair in September of 2010.