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11/01/16
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Ness Holdings has acquired a 65-unit multifamily complex in Hollywood for $14.225 mil, or about $219k per unit. The property was sold in an off-market transaction by a local joint venture operating as De Longpre Investors LLC and Eleanor Avenue Investments LLC.
Built in 1957, the property is located at 6520-6530 De Longpre Ave on a rare one-acre corner lot near the intersection of Sunset and Cahuenga Boulevards, in the heart of Hollywood. The property is within walking distance to the ArcLight, Hollywood Palladium, Pantages Theater and the Hollywood/Vine Metro station.
Made up largely of one-bedroom-units, the property was 96% leased at below market rents at close of escrow. The buyer plans to implement an intensive capital improvement program to reposition the property. The renovations will include a variety of exterior and interior upgrades as well as retrofitting the building.
Henry Garcia of Keller Williams Studio City represented both parties in the deal. Garcia notes that over the last 12 months there have only been three other properties of equal or larger size that have sold in the area.
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