LOS ANGELES, June 5, 2019 /PRNewswire/ -- Harbor Group International, LLC (HGI), a privately-owned international real estate investment and management firm, today announced it has closed on a $3.25 million preferred equity investment in Casa Real, a 60-unit multifamily property located in West Hollywood, Calif. The property is slated to be purchased by an affiliate of Concord Capital Partners (CCP) for approximately $17 million once escrow closes.
"The investment in Casa Real provides a rare opportunity to capitalize on a high-barrier-to-entry location that provides high returns," said Jordan Slone, CEO, HGI. "The West Hollywood submarket has historically experienced strong occupancies and we are confident in this investment as HGI grows its footprint on the West Coast."
HGI is rapidly expanding its presence on the West Coast, recently opening a Los Angeles office to focus on continued expansion in the region. In February, the firm added to its 200,000 square feet of commercial and retail space in the California markets by entering a joint venture to purchase a historic office building in San Francisco's North Financial District.
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 consisting of 37 studio and 23 one-bedroom apartments. Once purchased, CCP will implement a $2.6 million capital improvement program addressing common area improvements and interior renovations in 80% of the units to restore the building with high-end finishes similar to those in the surrounding area.
Located in the core of West Hollywood, a desirable neighborhood in the Los Angeles metropolitan area, Casa Real is within two blocks of Sunset Boulevard and Santa Monica Boulevard, and is in proximity to prime retail, restaurants and high-energy nightlife. The property is also near other high-end shopping corridors such as Melrose, Robertson and Beverly Boulevard.
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $9.0 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company's real estate holdings include 3.3 million square feet of commercial properties and 32,000 apartment units. For additional information, please visit www.harborgroupint.com.
SOURCE Harbor Group International, LLC