A Beverly Hills investment firm has snapped up a handful of storied apartment buildings in Los Angeles that date back to the 20th century and represent a pre-war architecture style that has become rare in the region.
Concord Capital Partners acquired five buildings totaling 537 units for $79 million. The deal includes The Fontenoy in Hollywood and four Koreatown assets: The Langham, The Sir Francis Drake, The Piccadilly, and Park Wilshire.
Built in the late 1920s, the five buildings share a cinematic quality — ornate façades, grand lobbies, and landscaped courtyards — but vary in scale and setting. Some rise along busy boulevards, others sit on quieter streets. Most are subject to rent stabilization, adding both preservation incentives and operational complexity. For owners, that means slower income growth and stricter rules around renovations, especially when tenants remain in place.
“The properties have seen strong Class A renter demographics across nearly a full century of market cycles," said Reuben Robin, CEO and founding principal of Concord, in a statement. He added the properties hold "intrinsic value."
Locally based private investor The Seligman Group sold the Koreatown assets, while a partnership between Stratford Development Co. and Midwood Investment and Development sold the Park Wilshire building in Hollywood. The deal was financed with a $60.5 million loan from Arbor and approximately $30 million in equity.
The deals highlight investor interest in centrally located, architecturally distinctive apartment buildings in Los Angeles, where strict zoning and high construction costs make new development difficult. At the same time, high renovation expenses and permitting delays present challenges for repositioning.
Meanwhile, renter demand slipped in Los Angeles in the most recent quarter, sending the vacancy rate up to 5.3% from 5% in the first quarter. Rents grew 0.7% in the past year to $2,337, slower than the 1% growth seen across the nation.
Hollywood royalty
In 1920s Los Angeles, developers raced to create glamorous, aspirational buildings that evoked distant locales and old-world grandeur. They gave their projects names like The Langham and The Piccadilly, wrapped them in Spanish, Beaux-Arts, or Art Deco facades, and topped them with neon rooftop signs. Inside, marble staircases, vaulted ceilings, and chandelier-lit lobbies promised luxury and permanence in a rapidly growing city fueled by the film industry and real estate speculation.
The Fontenoy, at 1811 Whitley Ave in Hollywood, is a 51-unit Spanish Revival building designed by Leland E. Bryant and completed in 1928. Known for its sweeping views and Moorish detailing, it has long drawn actors and musicians with its proximity to the Hollywood Bowl and Walk of Fame. The property sold for $8.7 million.
The Langham, the largest building in the portfolio with 181 units, anchors 715 Normandie Ave in Koreatown and sold for $26 million. Built in 1927, the red-brick tower was one of the first elevator-served apartment buildings in the area and features marble-lined corridors and a dramatic entry stair. Its rooftop pool offers 360-degree views from downtown to the Hollywood sign.
The Sir Francis Drake, a 61-unit building at 841 Serrano Ave, sold for $9 million, was designed by Edith Northman, one of Southern California’s earliest female architects. Completed in 1929, it features Beaux-Arts flourishes, vaulted ceilings, and a central courtyard.
The Piccadilly, at 682 Irolo St, comprises 74 units and sold for $10.2 million. Designed by architect Milton Friedman, the seven-story building combines Art Deco and Tudor elements in a style known as Chateauesque. It features an arched-windowed lobby, garden entry, and a rooftop neon “P” above its central tower.
The buildings expand Concord’s growing presence in the area, adding to thousands of units it already owns and manages within walking distance, said Concord Chief Investment Officer and Managing Principal Jonathan Fhima in a statement.
“Los Angeles is one of the most difficult cities in which to build scale, given the relatively small size of most buildings," Fhima said. "We expect these properties to integrate seamlessly into our local portfolio.”
Famous hotel turned apartments
Perhaps the most prominent building in the group, Park Wilshire at 2424 Wilshire Blvd, includes 170 units and sold for $26 million. The property first opened as a hotel in 1929 and counted Marilyn Monroe, the Kennedy family, and several U.S. presidents among its guests. It also once housed an underground speakeasy.
The structure features an iconic corner turret, expansive common areas and commercial space on the ground floor, making it a hybrid asset on one of the city’s busiest corridors.
The property was "a rare opportunity to acquire a true architectural gem at an attractive cap rate and basis, particularly in today’s challenging capital markets,” said a statement from Colliers Vice Chair Kitty Wallace, who represented the seller in the deal.
But the building is also due for a seismic retrofit the buyer will need to finance, said Simmi Dhillon, who helped represent the seller in the deal for Colliers.
“We were able to navigate significant hurdles to overcome the complexities of this designation, and market players will look to this deal to determine value and seek creative solutions for structuring similar acquisitions,” Dhillon said a statement.
The deal contributes to a rebound in Los Angeles multifamily property sales. Almost $7 billion in properties has sold in the past year, up from $5 billion a year ago, according to CoStar data. The number of new units under construction in the market has fallen by 20% in the past year.
For the record
Janet Neman of Kidder Mathews handled the sale of the four Koreatown properties. Zalmi Klein of Northmarq arranged the senior financing from Arbor.