5 days ago
- Business
- Los Angeles Times
Concord Capital Partners Acquires $79-Million Los Angeles Apartment Portfolio
Beverly Hills-based Concord Capital Partners acquired a five-property portfolio of apartments in Los Angeles from two separate sellers for $79 million. The 537-unit portfolio was acquired with a $60.5-million senior loan provided by Arbor and supplemented with $30 million in equity.
The properties are located in the Koreatown and Hollywood neighborhoods and were all built before 1930. They are recognized as iconic and architecturally significant buildings, featuring grand lobbies, ornate facades, landscaped courtyards and panoramic city views. The portfolio includes the 181-unit Langham located at 715 Normandie Ave., The Fontenoy (51 units), The Sir Francis Drake (61 units), The Piccadilly (74 units) and Park Wilshire (170 units). The new ownership will be rolling out targeted improvements, while maintaining the historical integrity of the buildings.
'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, chief executive of Concord, in a statement.
Kitty Wallace of Colliers represented the seller in the sale of Park Wilshire, with Janet Neman of Kidder Mathews handling the sale of the remaining four properties. Zalmi Klein of Northmarq arranged the senior financing from Arbor.
Information for this article was sourced from Concord Capital Partners.
