Hankey Investment Company, the real estate division of subprime car loan Don Hankey’s Hankey Group, plans to develop an eight-story apartment project in Koreatown. The project will be situated on a vacant parking lot at 638-642 South Berendo Street, near the bustling Wilshire/Vermont intersection known for its high transit activity. The development aims to include 163 units. Scott Dobbins, an executive at Hankey’s firm, submitted the project application for a 163-unit development to the Los Angeles planning department in late June.
It remains unclear at this time whether Hankey intends to undertake the property development independently or in collaboration with partners, as the firm has done in previous projects.
The addition of this new apartment building would contribute to the growing number of residential properties in Koreatown, an area long recognized as one of the densest and most populous neighborhoods in Los Angeles. Recent development activity in the region includes notable projects such as 3545 Wilshire Boulevard, a two-tower complex by Jamison featuring 428 units; The Parks in LA, a 251-unit complex by Charles Parks & Associates; and Hallasan, a project by Holland Partner Group consisting of 375 units, according to a report by The Real Deal.
In recent weeks, several applications for new projects have also been submitted by various entities, including The Hudson Group and Jamison.
While Hankey Investment Company is primarily known for its commercial real estate investments, boasting a portfolio of over $1 billion in office, retail, and mixed-use properties across Southern California, the company has also undertaken several prominent residential ventures. These include The Pearl on Wilshire, a joint venture between Hankey and Cityview, featuring 346 units in Koreatown; Circa, a luxury complex in Downtown Los Angeles comprising 648 units; and Kurve on Wilshire, an elegant building in Westlake with 644 units. Both Circa and Kurve were joint ventures with Jamison.
Records indicate an entity affiliated with Hankey purchased the Berendo Street site for $14 million in late March. The seller, Berendo, Inc., is managed by Wayne Johnson, an attorney based in Beverly Hills. In early 2022, Berendo had submitted an application for a 22-story, 343-unit high-rise at the same location.
