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10/07/14
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Ness Holdings Inc recently acquired three multifamily properties, totaling 62 units, in Los Angeles, for a combined total of $11.5 mil. The firm plans to reposition each of these buildings into luxury apartment complexes.
The transactions included the purchase of a 24-unit building at 1812-1830 Wilcox Ave in Hollywood for $4.4 mil ($183.3k/unit). This property is entitled for development and also has the ability to be spilt up into four smaller transactions.
Ness also acquired a 28-unit non rent controlled apartment building at 2216 West Court St in Echo Park in a probate sale for $4.93 mil ($176k/unit). And, in an off-market deal, the company purchased a 10-unit property at 1759 Wilton Place in Franklin Village for $2.1 mil ($210k/unit).
“These properties have been neglected and are suffering from deferred maintenance,” said Steven Taylor, President and Founder of Ness Holdings, Inc. “We plan to renovate each of these buildings and reposition them to market standards in order to attract the demographics that are seeking quality assets in prime rental markets.”
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