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4/06/16
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Ness Holdings recently acquired two multifamily properties in the Los Angeles area in off-market transactions. One of the purchases was for a 42-unit apartment building in Hollywood, consisting of all one-bedroom/one-bath units along with 44 parking spaces. The other acquisition was a 20-unit building in Silver Lake, with ample parking.
Concurrently, Ness Holdings sold six properties, all of which were fully rehabbed and leased up. The sales consisted of a four-building portfolio in Hollywood for $6.2 mil, and a nine-unit building in Koreatown for $2.65 mil.
“These acquisitions continue to support our belief in the Los Angeles rental market and that there is still strong room for growth on the revenue side. We are continuing to focus on value-add and opportunistic investments in strong rental markets throughout LA where we can leverage our expertise and experience within the multifamily sector,” noted Daniel Mense, VP of Ness Holdings Inc. “We plan to complete extensive renovations at both apartment buildings and deliver quality products to renters seeking to be in these vibrant neighborhoods.”
Ness’ Hollywood acquisition is located near Highland and Fountain Aves. The property was purchased off-market for $7.2 mil, or $171k/unit.
The firm’s other buy is located near Hoover St and Santa Monica Blvd. The property boasts great walkability to neighborhood shopping centers and some of the city’s finest restaurants.
On the sales side, Ness disposed of multifamily buildings located at 1812-1830 Wilcox Ave in Hollywood, near Franklin and Cahuenga, for $6.2 mil to a single buyer. All buildings in the portfolio were completely renovated and leased up at the time of sale, offering the buyer strong immediate cash flow and quality assets. Additionally, the site was previously entitled for a condo project as all the buildings are contiguous, which offers the buyer future redevelopment opportunity given the favorable zoning.
Ness Holdings also sold an apartment building at 1631 Harvard Ave in Koreatown for $2.65 mil. Similarly to the Wilcox Portfolio, this building was delivered fully stabilized, with fully renovated units leased at market rates. Ness was able to acquire, renovate, and sell the building within nine months.
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