Concord Capital Partners Expands Los Angeles Portfolio with $79 Million Acquisition

Concord Capital Partners has significantly expanded its presence in Los Angeles by acquiring a portfolio of five multi-family properties for $79 million. The portfolio, consisting of 537 units across Koreatown and Hollywood, includes architecturally significant buildings such as The Fontenoy, The Langham, The Sir Francis Drake, The Piccadilly, and Park Wilshire. These properties, constructed in the late 1920s, are noted for their historical significance and have housed notable figures over the years.

The acquisition was financed with a $60.5 million senior loan from Arbor, complemented by approximately $30 million in equity. Reuben Robin, Concord's Chief Executive Officer, emphasized the attractiveness of the properties due to their favorable pricing relative to historical sales and replacement costs, alongside the strong demand from Class A renters. Jonathan Fhima, Chief Investment Officer, highlighted the strategic value of assembling such a significant number of units in Los Angeles, a market known for its challenging scale-building environment.

Concord plans to implement targeted improvements to enhance the properties while preserving their historical integrity. The transaction underscores the firm's commitment to value-add opportunities in supply-constrained markets. Kitty Wallace of Colliers and Janet Neman of Kidder Mathews represented the sellers, with Zalmi Klein of Northmarq arranging the financing.