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February 23, 2019
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MULTIFAMILY NEWS
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Universe Holdings Adds to Its Growing Multifamily Portfolio in Inglewood

1/31/19

Universe Holdings has acquired Chateau Park Casino Royale V, a 15-unit multifamily community in Inglewood, for $3.8 mil, or $253k/unit.

Located at 232 W Olive St, the community is situated five minutes away from the redevelopment of Hollywood Park and the new, $3 bil NFL stadium, which will be home to both the Los Angeles Rams and Los Angeles Chargers. It is centrally located to local employers like Los Angeles International Airport, Centinela Hospital and the growing tech industry in Silicon Beach.

Built in 1962 and having never been renovated, the property offers an immediate value-add opportunity. Universe plans to implement a significant capital improvement program to bring the building’s exterior and interior units up to contemporary standards on par with newer product in the market. Universe plans to complete the renovations to coincide with the opening of the new stadium and entertainment complex.

Chateau Park Casino Royale V is the firm’s ninth acquisition in the past four years in Inglewood. In 2019, Universe plans to double its portfolio in Inglewood, an area that the company has viewed as a strong multifamily market even before Rams owner Stan Kroenke made his intention clear to make Inglewood the home city for his new stadium complex.

“A lot of investors shied away from Inglewood, but what we saw was a high-density community with a large inventory of workforce housing in a submarket located adjacent to markets where rising rents are pricing many people out,” Universe Holdings CEO Henry Manoucheri said. “We also saw stable occupancy and the opportunity to acquire a number of value-add properties. For us, the size of the properties was not a concern. We have properties ranging in size from 15 to 50 units.”





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