**Concord Capital Partners Acquires 1920s-Era Multifamily Portfolio in Los Angeles for $79 Million**
Concord Capital Partners has completed the acquisition of a five-property multifamily portfolio in Los Angeles, totaling 537 units, for $79 million. The properties, all built in the 1920s, are located in the Koreatown and Hollywood neighborhoods and were purchased from two separate sellers.
The acquisition was financed with a $60.5 million senior loan provided by Arbor and bolstered by approximately $30 million in equity.
The properties included in the transaction are as follows:
– **The Fontenoy** – 51 units located at 1811 Whitley Avenue
– **The Langham** – 181 units located at 715 Normandie Avenue
– **The Sir Francis Drake** – 61 units located at 841 Serrano Avenue
– **The Piccadilly** – 74 units located at 682 Irolo Street
– **Park Wilshire** – 170 units located at 2424 Wilshire Boulevard
Reuben Robin, CEO and founding principal of Concord Capital Partners, commented on the value proposition of the deal: “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. The properties have seen strong Class A renter demographics across nearly a full century of market cycles.”
In the transaction, Kitty Wallace of Colliers represented the seller for Park Wilshire, while Janet Neman of Kidder Mathews handled the sale of the remaining four properties. Zalmi Klein of Northmarq arranged the senior debt financing from Arbor.
