Concord Nabs Top Multifamily Sale in Koreatown

The top multifamily sale in Koreatown in the first three quarters of the year fetched $26.1 million, according to Los Angeles County tax assessor data covering the period.

Acquired by Concord Companies, as part of a $79 million five-building portfolio sale, The Langham, at 715 South Normandie Avenue, went for $144,199 per unit on July 23.

This is the latest installment in a feature providing a weekly update on top sales by market segment, based on TRD Data for given periods. Given that the fourth quarter is incomplete, The Real Deal ranked the top sales for the first three quarters of the year using the county data.

To see the top 10 multifamily sales in Koreatown in the first nine months of the year, click here.

Beverly Hills-based Concord paid $79 million to two sellers — The Seligman Group and Midwood Investment & Development — in separate deals for five historic properties in Hollywood, Koreatown and Westlake, totaling 537 units. Among them was The Langham, which had been Seligman’s asset.

“We’ve successfully assembled 537 units with significant value-add potential across five of L.A.’s most historically significant properties — buildings that have housed icons such as Marilyn Monroe, multiple U.S. presidents and other high-profile figures,” said Jonathan Fhima, Concord’s CIO and managing principal, according to Commercial Observer.

The Langham features 181 efficiencies, studios as well as one- and two-bedrooms apartments, according to the property’s website. Units span 400 square feet to 673 square feet, with monthly rents starting at $1,495 to $2,295.

The Art Deco building, clad with arched doorways and decorative tile work, has a rooftop swimming pool, fitness center and resident lounge.