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7/28/25
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Concord Capital Partners has acquired The Park Wilshire, an iconic 170-unit multifamily building situated along Los Angeles’ historic Wilshire corridor between Koreatown and downtown Los Angeles. Built in 1923, the building sits on a 36.7k sf corner lot at 2424 Wilshire Blvd, just west of Alvarado St and MacArthur Park.
Originally constructed as a hotel that counted luminaries such as Marilyn Monroe, the Kennedy family, and multiple U.S. Presidents as its guests, Park Wilshire is a striking example of Italian Renaissance architecture that was designed by architects Clarence H. Russell and Norman W. Alpaugh. The building showcases timeless architectural details such as marble floors, crown moldings, and floor-to-ceiling arched windows. Once an underground speakeasy, the building’s common areas have been thoughtfully renovated to blend historical elegance with modern amenities, creating a luxurious and unique living experience for renters.
Ideally situated at the crossroads of Downtown Los Angeles, Koreatown, and Hollywood—and within 1.5 miles of both the 110 and 101 freeways—Park Wilshire offers unparalleled access to the city’s largest employment hubs. The property also benefits from the prestigious Mills Act designation, which grants substantial property tax savings in exchange for preserving its historic character, an increasingly desirable advantage for savvy investors in supply-constrained markets. The offering also sold along with the adjacent surface parking lot featuring 62 spaces, providing a rare opportunity to develop an additional 60 units in the rear lot, enhancing long-term value for the buyer.
Kitty Wallace and Simmi Dhillon with Colliers represented both the buyer and the institutional seller in the transaction. The Park Wilshire acquisition is part of a five-property portfolio purchase for Concord Capital Partners, with three separate escrows closing simultaneously. Although we don’t have the price in this latest deal, we can tell you that it was previously purchased by Midwood Investment & Development in December 2019 for about $38 mil.
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