FAQ: Concord Capital Partners' $79 Million Acquisition of Multi-Family Properties in Los Angeles

What properties did Concord Capital Partners acquire in Los Angeles?

Concord Capital Partners acquired five properties: The Fontenoy, The Langham, The Sir Francis Drake, The Piccadilly, and Park Wilshire, totaling 537 units in Koreatown and Hollywood.

How much did Concord Capital Partners pay for the properties?

The acquisition was made for $79 million, with a $60.5 million senior loan provided by Arbor and approximately $30 million in equity.

Why were these properties attractive to Concord Capital Partners?

The properties were attractive due to their favorable pricing relative to historical sales, replacement costs, intrinsic value, and strong Class A renter demographics across nearly a century of market cycles.

Who represented the sellers in this transaction?

Kitty Wallace of Colliers represented the seller for Park Wilshire, and Janet Neman of Kidder Mathews handled the sale of the remaining four properties.

What are the plans for the acquired properties?

Concord plans to roll out targeted improvements to elevate each property while maintaining their historical integrity, featuring grand lobbies, ornate facades, landscaped courtyards, and panoramic city views.

Who arranged the senior financing for the acquisition?

Zalmi Klein of Northmarq arranged the senior financing from Arbor for the acquisition.

What is Concord Capital Partners’ background?

Founded in 2003, Concord is a Beverly Hills-based real estate investment and services firm specializing in value-add, opportunistic, and core-plus strategies across diversified asset classes, with over 5,500 residential units under management.

How does this acquisition fit into Concord’s existing portfolio?

The properties are expected to integrate seamlessly into Concord’s local portfolio, complementing the thousands of units the company already owns and manages within walking distance in Los Angeles.