Apartments sell in Koreatown, LA's most active development hub

Concord Capital buys high-rise in neighborhood leading LA apartment construction

Beverly Hills, California-based Concord Capital bought The View, a 168-unit apartment tower in Los Angeles' Koreatown neighborhood. (CoStar)

By Brannon Boswell

CoStar News

November 4, 2025 | 5:53 P.M.

A Los Angeles investor has acquired its sixth apartment complex in Koreatown this year, betting on a rent rebound in the fast-developing neighborhood.

Concord Capital Partners bought The View, a 13-story, 168-unit multifamily property at 3460 W. 7th St. for $52 million, or $310,000 per unit.

The seller, Sherman Oaks, California-based private development firm MWest Holdings, acquired the property from CIM Group for $73 million in 2018.

Concord Capital, based in Beverly Hills, acquired five Koreatown apartment buildings for $80 million two months ago and is hunting for more apartment deals in Los Angeles where "the lack of apartment construction has caused major supply constraints which will cause continued upward pressure on rents," Chief Executive and Founding Principal Reuben Robin said in a statement. The firm has 5,500 residential units under management.

There are roughly 2,700 units under construction in Koreatown, making the neighborhood the most active multifamily development market in Los Angeles. That pipeline has grown 6.6% over the past year, CoStar data shows.

Koreatown multifamily sales are up by 58% year over year, to $420 million for the past year. Even so, that figure is moderate compared with historical transaction activity, according to CoStar research. Over the past five years, the area averaged $416 million in sales volume per year.

Koreatown is working through a historic surge of newly built luxury apartments, leading to elevated vacancy rates and rent stagnation, according to CoStar data. The neighborhood’s vacancy rate stands at 6%, while rents have dipped 0.2% year over year — falling short of the 0.2% increase seen across greater Los Angeles.

For the record

JLL represented the seller and secured the financing for this transaction.