Developer Xanon Development is accelerating its plans to convert an apartment complex in Los Angeles’ Koreatown into condominiums.
According to a report from LA Business First on August 25, the company recently secured $20 million in refinancing through real estate finance firm JLL to move forward with the project.
The property, known as The Secret (3050 W. 11th St.), was completed last year near 11th Street and Hobart Boulevard. Originally conceived as a 39-unit condominium development, it was repositioned as a rental apartment complex during construction. With the new refinancing, the developer now intends to revert to the original plan and begin condo sales within 18 to 24 months.
The 46,500-square-foot complex features a mix of one-, two-, and three-bedroom units. JLL emphasized that the financing provides an opportunity to meet the growing demand for homeownership in Koreatown, one of Los Angeles’ most competitive housing markets.
Koreatown’s 90020 ZIP code was the city’s hottest residential market in the second quarter of 2025, with an average home price of $2.2 million and 62 new listings, according to Business First. The neighboring 90004 ZIP code also ranked among L.A.’s top five markets, alongside Newport Beach and Silverado.
The development wave in Koreatown extends beyond condo conversions. Jamison Properties has filed plans to transform a 20-story office tower at 3550 Wilshire Boulevard into 495 apartments and is pursuing similar office-to-residential conversions at 3325 and 3600 Wilshire. Last year, the firm also announced plans to redevelop a 17-story office building at 6380 Wilshire into 210 apartments.
In June, Barclay Development submitted plans for a new six-story, 53-unit apartment building at 412 S. Catalina Street, further underscoring the district’s ongoing transformation.
BY EUNYOUNG LEE [lee.eunyoung6@koreadaily.com]
