Concord Capital Buys L.A. Koreatown Apartments for $52 Million

Concord Capital Partners added another Koreatown apartment building to its growing collection.

The Beverly Hills-based investment firm bought The View, a 13-story, 168-unit building at 3460 West Seventh Street for $52 million, or $310,000 per unit, L.A. Business First reported.

The seller, an affiliate of MWest Holdings, bought the property in late 2018 for $73.3 million, making the latest sale a 29 percent discount, Commercial Observer reported. JLL represented the seller and secured the financing in the transaction.

The View was an attractive pickup for Concord because of Koreatown’s “institutional quality and strong fundamentals,” said Jonathan Fhima, Concord’s chief investment officer and managing principal. “Koreatown has led all Los Angeles submarkets in multifamily absorption over the past five years.”

Over the summer, Concord spent $79 million on five historic apartment buildings across the city, including three in Koreatown. Those properties are The Langham, a 181-unit building at 715 Normandie Avenue; The Sir Francis Drake, a 61-unit structure at 841 Serrano Avenue; and The Piccadilly, a 74-unit building at 682 Irolo Street.

The View, Concord’s latest purchase, was built in 1965 and underwent a nearly $26 million renovation before CIM Group acquired the property in 2013. The complex features 12 studio apartments, 120 one-bedroom units and 36 two-bedroom units.

The purchase of the View complex increases the company’s L.A. presence in the face of decreasing apartment construction across the city due to rising material and labor costs and lengthy approval processes.

“The lack of apartment construction has caused major supply constraints which will cause continued upward pressure on rents,” Concord CEO Reuben Robin said. “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.”

— Chris Malone Méndez