**Concord Capital Acquires The View in Koreatown for $52M**
Concord Capital Partners has announced the acquisition of The View, a 13-story, 168-unit Class A multifamily property located at 3460 W. 7th Street in the Koreatown neighborhood of Los Angeles. The purchase price was $52,075,000, equating to $310,000 per unit and representing a 6.5% cap rate.
This acquisition marks a continued expansion of Concord’s presence in Koreatown, following the company’s purchase of five multifamily properties in the area just two months prior for approximately $80 million.
“We were attracted to The View because of the institutional quality and strong fundamentals in Koreatown,” said Jonathan Fhima, Chief Investment Officer and Managing Principal of Concord. “Koreatown has led all Los Angeles submarkets in multifamily absorption over the past five years.”
Reuben Robin, Concord’s CEO and Founding Principal, echoed the sentiment, adding, “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 place continued upward pressure on rents.”
JLL represented the seller in the transaction and also secured financing on behalf of the buyer.
