Concord Capital Partners has acquired a 537-unit, five-property multifamily portfolio in Los Angeles from two separate sellers for $79 million. The 1920s-vintage properties in Koreatown and Hollywood were acquired with a $60.5-million senior loan provided by Arbor, supplemented by approximately $30 million in equity.
The properties include:
- The Fontenoy: a 51-unit community located at 1811 Whitley Ave.
- The Langham: a 181-unit community located at 715 Normandie Ave.
- The Sir Francis Drake: a 61-unit community located at 841 Serrano Ave.
- The Piccadilly: a 74-unit community located at 682 Irolo St.
- Park Wilshire: a 170-unit community located at 2424 Wilshire Blvd.
“We were attracted to these properties because of their favorable pricing relative to historical sales, replacement costs, and what we view as the intrinsic value of the assets,” said Reuben Robin, Concord CEO and founding principal. “The properties have seen strong Class A renter demographics across nearly a full century of market cycles.”
Kitty Wallace of Colliers represented the seller in the sale of Park Wilshire. Janet Neman of Kidder Mathews handled the sale of the remaining four properties. Zalmi Klein of Northmarq arranged the senior financing from Arbor.
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