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oncord Capital Partners has made its first forays into the Southern California market since announcing plans to refocus on the region in 2022. The Beverly Hills-based real estate firm acquired five multifamily properties in Koreatown and Hollywood for a combined $79 million, marking a significant shift from its previous pivot to the Texas market.

    Concord's founder and CEO, Reuben Robin, cited difficulties scaling in Los Angeles as the reason for the initial move to Texas in 2014. However, he noted that the firm has since decided to refocus on its local backyard. The new acquisitions include properties in Hollywood, Koreatown, and Westlake, with a total investment of $60.5 million in senior loans and around $30 million in equity.

    The properties, which were built in the late 1920s, feature grand lobbies, detailed facades, and courtyards, maintaining their historic feel. Concord plans to implement upgrades while preserving these characteristics. The firm's chief investment officer, Jonathan Fhima, stated that the new additions will integrate seamlessly into its existing portfolio of thousands of units.

    Concord is currently seeking multifamily acquisition opportunities in areas facing housing supply constraints, with Los Angeles being one of the most challenging cities for building scale due to its small building sizes. The firm has successfully assembled 537 units across five historically significant properties in LA, highlighting its ability to identify value-add potential in the market.