New York Developer Pays $153/SF for Koreatown Development Land
A Planned 190-205 unit LIHTC Development with a targeted 2028 groundbreaking date
At a glance
recorded April 29, 2026
36,686 SF lot
~1.05 acres per sale notes
two parcels combined
pre-entitlement
all three active
above ULA threshold
Lone Oak Fund LLC
tracked acquisitions
Buyer: Six Peak Capital (SP 4110 West 3rd LP)
What matters
- The trade.Five years ago, many comparable Koreatown sites traded in the $250–300/SF range, with some premium sales north of $400/SF. This $153/SF sale shows how much pricing has reset.
- Data Point. $153/SF is another data point showing where Koreatown development land traded.
- The Original Plans for this site. Originally planned as a 171-room Hampton Inn & Suites, this site never moved forward. Nearly a decade later, it has traded as a multifamily development to a New York based developer.
- The Buyer Six Peak Capital. Six Peak Capital is a New York-based multifamily developer with 50+ investments, 3,100+ completed apartment units, and 1,100+ units currently under construction. The firm is actively expanding its Los Angeles development pipeline, making it a buyer worth knowing for brokers marketing multifamily land. Website: www.sixpeakcapital.com LinkedIn: Six Peak Capital on LinkedIn
What an Operator Sees
I'm tracking every land sale to understand where the market is actually clearing. Each closed comp helps know what the land values are, identify buyers, and spot trends that can lead to opportunities.
Send OMs to David@AtlasBrief.La
I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.
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Property and transaction data: CoStar Research.
Write to David Safai at David@AtlasBrief.La
Appeared in the Sept. 6, 2026 edition of The Tape.