Historic Apartments Sold In $79M Los Angeles Portfolio Deal

Concord Capital Partners paid $79M for five historic apartment buildings in LA, totaling 537 units, including notable properties in Hollywood and Koreatown.
The acquisition includes The Fontenoy, The Langham, The Sir Francis Drake, The Piccadilly, and Park Wilshire, most of which date back to the late 1920s and reflect rare pre-war architectural styles.
High rent-stabilization and renovation challenges contrast with the portfolio’s long-term value, location appeal, and historical prestige.

Key Takeaways

Historic Assets, Modern Appeal

Beverly Hills-based Concord Capital Partners has expanded its Los Angeles footprint with the acquisition of five vintage apartment buildings for $79M, reports CoStar. The portfolio, composed of 537 rent-stabilized units, includes architecturally distinct properties in Hollywood and Koreatown. Both neighborhoods are known for their rich history and dense urban fabric.

The sellers include The Seligman Group for the Koreatown buildings and a partnership between Stratford Development and Midwood Investment for Park Wilshire. Arbor financed the deal with a $60.5M loan, and Concord provided roughly $30M in equity.

A Look At The Portfolio

Each building in the acquisition represents early 20th-century design and development trends:

The Fontenoy (Hollywood): A 51-unit Spanish Revival property built in 1928, known for its sweeping city views and Moorish design elements. Sold for $8.7M.
The Langham (Koreatown): The portfolio’s largest asset with 181 units, this red-brick tower dates back to 1927 and features marble-lined corridors and a rooftop pool. Sold for $26M.
The Sir Francis Drake (Koreatown): Designed by early female architect Edith Northman, this 61-unit Beaux-Arts building sold for $9M.
The Piccadilly (Koreatown): A 74-unit Chateauesque building designed by Milton Friedman, sold for $10.2M.
Park Wilshire (Wilshire Corridor): A former 1929 hotel turned 170-unit apartment building, once frequented by Marilyn Monroe and the Kennedy family. Sold for $26M.

Challenges And Upside

While these buildings offer architectural value and location upside, most are subject to rent stabilization. This limits rent increases and complicates renovations. Seismic retrofitting and permitting hurdles also add cost and risk. Still, Concord’s leadership emphasized the long-term demographic appeal and intrinsic value of the properties.

Market Context

The acquisition comes amid a rebound in Los Angeles multifamily transactions, with $7B in deals closed in the past year—up from $5B the year prior. New construction is down 20% year-over-year, suggesting that investors may continue turning to older properties with historical significance and location advantage.

What’s Next

Concord aims to integrate the five buildings into its growing Koreatown and Hollywood portfolio, which already includes thousands of units. Despite rent controls and retrofit costs, historic properties like these offer a unique combination of character and scarcity. They also provide long-term income potential in a tightly regulated housing market.