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December 18, 2018
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MULTIFAMILY NEWS
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Van Nuys Apartment Complex Expands Universe

10/22/15

In a recent multifamily sales comp from the San Fernando Valley, Universe Holdings acquired a 53-unit asset in Van Nuys for $10.5 mil, or $198k/unit. The property is located at 6600 Woodley Dr, west of the 405 Fwy and north of Victory Blvd.

The complex consists of two buildings on a one-acre lot at the corner of Woodley Dr and Kittridge St. It contains 36 two-bedroom units and 17 one bedroom apartments. Residents at Chateau 6600W enjoy an easy commute to downtown Los Angeles, Beverly Hills /Century City, Warner Center, Burbank and major employment centers in Los Angeles.

Rebranded as Chateau W6600, Universe acquired the property from the original developer with plans for $750k of immediate property upgrades and improvements.

Chateau W6600 marks Universe’s third property acquisition in Van Nuys. The company, a privately-held multifamily real estate investment firm, has built a portfolio in the Van Nuys submarket that now totals 158 units, including Chateau Lakeside at 16815 Vanowen St and Chateau Woodley-Hart at 7025 Woodley Ave, just blocks from Chateau W6600. This submarket concentration is in-line with Universe’s internal management strategies and its investment model that identifies targeted submarkets with strong, long-term fundamentals.

“Our portfolio concentration in Van Nuys reflects the region’s strong multifamily fundamentals and provides benefits of scale for our management model,” said Henry Manoucheri, Chief Executive and Founder of Universe. “We target optimized investor returns through researched acquisitions, strategic repositioning when necessary and then attentive management. Van Nuys and the Valley submarkets offer a diverse mix of workforce housing, regional connectivity and local amenities that make us very comfortable with a long-term ownership position in this and similar Los Angeles submarkets.”

The transaction was brokered by Joshua Luchs of Marcus & Millichap.






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