West Hollywood’s Historic Casa Real Trades Hands
Harbor Group International closes a preferred equity investment in Casa Real, a 60-unit multifamily property located in West Hollywood.
Concord Capital Partners has purchased Casa Real, a 60-unit multifamily property located in West Hollywood. The property traded hands for $17 million, and the Harbor Group International has provided $3.25 million in preferred equity for the sale.
This was an opportunity to gain a foothold in a high-barrier to entry market with strong occupancy rates. To drive value, Concord Capital plans to implement a $2.6 million capital improvement program.
Casa Real is a four-story multifamily property constructed in 1930 and is designated as a Historic Landmark. The building is 42,644 square feet and features 37 studio and 23 one-bedroom apartments.