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 acquisition includes 537 units across properties in Koreatown and Hollywood, areas known for their architectural significance and supply constraints. The properties, such as The Fontenoy and The Langham, boast historical value and have housed notable figures over the years. Financing for the deal included a $60.5 million senior loan from Arbor, complemented by $30 million in equity.

Reuben Robin, Concord's CEO, emphasized the strategic value of the acquisition, citing the properties' favorable pricing and strong renter demographics. Jonathan Fhima, the firm's Chief Investment Officer, highlighted the challenge of building scale in Los Angeles and the potential for value-added improvements to these historically significant buildings. The properties, dating back to the late 1920s, feature distinctive architectural details and will undergo targeted upgrades to enhance their appeal while preserving their historical integrity.

The transaction underscores the ongoing demand for multi-family housing in Los Angeles and Concord's commitment to expanding its portfolio in supply-constrained markets. The deal was facilitated by real estate professionals Kitty Wallace of Colliers and Janet Neman of Kidder Mathews, with financing arranged by Zalmi Klein of Northmarq.