Koreatown Development May Rise Near Park's BBQ
An eight-story apartment project has been proposed at 951 S. Berendo St. in Los Angeles. (CoStar)
By Jack Witthaus
CoStar News
October 3, 2023 | 2:35 P.M.
An eight-story apartment project may rise in Los Angeles' Koreatown neighborhood.
An entity related to Los Angeles-based contractor and property owner Moalej Builders is proposing a 77-unit building at 951 S. Berendo St., according to public records. The project joins one of Los Angeles' most active markets for apartments, with roughly 1,971 units under construction in Koreatown, according to CoStar data.
The proposed development is planned to kick off construction in 2025, with building wrapping up by 2027, according to public records. The project is expected to replace an existing single-family residence and boarding house. The property also is a roughly five-minute walk from the popular Korean barbecue restaurant Park's BBQ.
Koreatown, west of downtown Los Angeles, for years, has been transitioning from a lower-income neighborhood to an area of upscale construction. That said, the market has seen a roughly 38% fall in multifamily units under construction year over year due to rising interest rates and economic uncertainty, according to CoStar data.
The Berendo Street project is the latest proposed in Koreatown. Property owner MHKJ Investments is planning 123 apartments and roughly 2,000 square feet of ground-floor commercial space at 2641 W. Olympic Blvd. in the neighborhood.
The Koreatown apartment market has an average asking monthly rent of $1,895, below the greater Los Angeles average of $2,229, according to CoStar data. The market's vacancy is 5.1%, above the greater L.A. average of 4.8%.
A project representative didn't respond to an emailed request to comment from CoStar News.