Concord Capital Partners Acquires Los Angeles Apartments for $52 Million

Concord Capital Partners acquired The View, a 13-story, 168-unit Class A apartment building located at 3460 W. Seventh St. in Los Angeles for $52.1 million, or $310,000 per unit, at a 6.5% cap rate.

The View is located in the Koreatown area of Los Angeles and features 12 studios, 120 one-bedroom/one-bathroom units and 36 two-bedroom/two-bathroom units with an average rent of $2,670 per month.

“We were attracted to The View because of the institutional quality and strong fundamentals in Koreatown,” said Jonathan Fhima, Concord’s chief investment officer and managing principal, in a statement. “Koreatown has led all Los Angeles submarkets in multifamily absorption over the past five years.”

This acquisition comes two months after Concord’s purchase of five assets in the same area for about $80 million. Concord is a Beverly Hills-based real estate investment and services firm that focuses on value-add, opportunistic and core-plus strategies across a diversified range of asset classes. It was founded in 2003 and has more than 5,500 residential units and nearly one million square feet of commercial space under management nationwide.

“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 cause continued upward pressure on rents. That, coupled with the massive infrastructure investment due to upcoming events like the Olympics and World Cup, keeps us feeling good about the imminent growth in this city,” said Reuben Robin, Concord chief executive and founding principal, in a statement.

JLL represented the seller and secured the financing for this transaction.

Information for this article was sourced from Concord Capital Partners.