Concord Capital Partners has acquired The View, a 13-story, 168-unit Class A multifamily community located at 3460 W. 7th St. in Los Angeles, for $52,075,000, representing a 6.5% cap rate and $310,000 per-unit price. The View is located in the Koreatown area, where Concord Capital acquired five multifamily properties two months ago for approximately $80 million.
“We were attracted to The View because of the institutional quality and strong fundamentals in Koreatown,” said Jonathan Fhima, Concord CIO and managing principal. “Koreatown has led all Los Angeles submarkets in multifamily absorption over the past five years.”
Added CEO and founding principal Reuben Robin, “We continue to be attracted to acquiring multifamily communities in strategic West Coast locations like Los Angeles. The lack of apartment construction has caused major supply constraints which will cause continued upward pressure on rents.”
JLL represented the seller and secured the financing for this transaction.
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