Historic Landmark Changes Hands in West Hollywood
- Jun 21, 2019
Concord Capital Partners has acquired a 60-unit multifamily asset located in West Hollywood’s Harper District for $17.3 million. According to Yardi Matrix data, the sale was subject to a $13.9 million loan held by Sound Point Capital Management.
Located at 1354 N. Harper Ave., Casa Real is one block south of the Sunset Strip. The four-story building encompasses 41 studio and 19 one-bedroom units, ranging from 500 to 800 square feet. Completed in 1930, Casa Real was originally built as part of the Chateau Marmont Hotel and was used to house hotel staff. In 1996 the property was designated as a Historic Landmark and placed on the Local Register of Historic Properties by the City of West Hollywood.
The new owner is set to implement an extensive capital improvement plan that will address deferred maintenance issues, unit interiors and will include the restoration of the exterior to highlight the property’s architecture and distinctive elements associated with the Mediterranean Revival popular in Los Angeles during the 1930s.