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9/21/17
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Nob Hill Towers, an Art Deco-themed apartment building constructed in the early 20th century near downtown Los Angeles, was acquired by Universe Holdings in a recent $12.6 mil transaction. The 52-unit ($242k/unit) asset is located at 2430 Ocean View Ave, west of Alvarado St and north of Wilshire Blvd, in the city’s rapidly gentrifying Westlake neighborhood, about a mile west of the downtown Financial District.
Built in 1929 at the zenith of the Art Deco, or Style Moderne, movement, the property is situated on a 14k sf lot a block from MacArthur Park. It is within walking distance of a variety of retail centers, mass transit options like the Westlake/MacArthur Park Metro Station, numerous bus stops, and an array of entertainment venues including downtown’s famed L.A. Live complex anchored by Staples Center.
The property sits on a hilltop with sweeping views of the Hollywood sign, the Griffith Park Observatory, parts of downtown Los Angeles and, on a clear day, the Pacific Ocean, some 15 miles distant. The immediate area was ranked the fourth “most walkable neighborhood” in Los Angeles County by Walk Score, with a score of 91. Any score above 90 means daily errands can be completed on foot, no vehicle required.
Universe Holdings plans to upgrade the interiors with new flooring, appliances, counters, cabinets and other improvements. Exterior renovations will include dramatic new lighting, paint, and enhanced common areas and landscaping. The basement will be converted to a business center and fitness area.
Kitty Wallace and her team at Colliers International represented the buyer and the seller, Dobson Meadows Partnership, both based in Los Angeles.
“Sandwiched between booming downtown LA and Koreatown near the Wilshire Corridor, Westlake is experiencing the spillover effects of gentrification,” Wallace said. “The neighborhood’s affordable livability, proximity to major employment centers and well-facilitated transit options are beckoning residents to live beyond the borders of downtown, where rents have continued to skyrocket.”
Westlake is the second-most densely populated neighborhood in Los Angeles County with some 38,214 residents per square mile, according to the U.S. Census Bureau.
“Nowhere has the strength of the multifamily investment market been more evident than in downtown Los Angeles and its environs, particularly in the Westlake neighborhood,” said Wallace. “With the buyer pledging nearly a million dollars to renovate and restore this grand property, it should telegraph to everyone that demand is continuing to outstrip the supply of investment-grade, multifamily properties.”
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