LOS ANGELES, CA - Concord Capital Partners has acquired Casa Real, a 60-unit multifamily property located in the historic Harper District of West Hollywood for $17.275 million.
The four-story, 43,000-square-foot multifamily property is located at 1354 N. Harper Avenue, one block south of the famed Sunset Strip. It’s arched entryways, ornamental ironwork and decorative glazed tiles are examples of the distinctive elements associated with the Mediterranean Revival popular in Los Angeles during the 1930’s.
Casa Real was originally built as part of the famed Chateau Marmont Hotel and was used to house hotel staff and provide additional lodging for guests when the main hotel was filled. In 1996, Casa Real was designated as a Historic Landmark and placed on the Local Register of Historic Properties by the City of West Hollywood.
“We continue to look for well-located assets with a unique story to tell,” said Concord CEO Reuben Robin. “Casa Real is a gem from the city’s past which we’ve been given the opportunity to restore to its past magnificence. While the seller has been a good steward of the property, Casa Real can benefit from both professional management and thoughtful renovation.”
The 60-unit building features a mix of studio and one-bedroom homes. Concord will implement a multimillion dollar capital improvement plan that will include, addressing deferred maintenance issues, renovating unit interiors with high-end finishes as leases roll, and restoring the exterior to highlight its vintage heritage.
“Our vision is to have Casa Real exceed the standard of today’s discerning renters, while remaining true to the property’s rich architectural integrity and historic charm,”Robin said.
About Concord Capital Partners: Concord Capital Partners is a real estate investment and development firm founded by Reuben Robin. Our unique ability to holistically service, capitalize, and manage assets has been the key to our success in significantly growing client investments. Since 2006, CCP has acquired over 1 Billion in real estate including over 500,000+ sq. ft. of commercial space and over 3,500+ of residential and student housing units throughout the United States. CCP draws on decades of combined experience to identify and acquire unique investments and ground up development opportunities that maximize returns. From creative debt and equity structures to in-depth expense budgeting to overall asset enhancement and development; CCP does what it takes to amplify future market values. Our flexibility, creativity and resourcefulness make us a leader in the market.