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9/28/15
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Los Angeles-based real estate firm Ness Holdings has been busy. The company received approval for the final phase of their 35-unit condo project in West Hollywood, and they also acquired an 18-unit apartment building in Beverly Hills.
In West Hollywood, having received city approval for the last phase of their condo project there, located by Santa Monica Blvd and Fairfax Ave, Ness plans to break ground within the next 30 days. Prior to this latest public hearing, Ness Holdings conducted numerous meetings with the city’s design review sub-committee, neighboring residents, and businesses to discuss the scope and impact of the planned development.
In Beverly Hills, Ness closed on its purchase of an 18-unit apartment building for $8.5 mil, or $472.2k/unit. The property, located near the intersection of La Cienega and Wilshire Blvds, is situated between the planned Metro station and the landmark Beverly Center. It consists of one-, two- and three-bedroom units, and provides easy access to shopping centers and some of the city’s finest restaurants.
Ness Holdings plans to implement an extensive rehab program to turn this building into one of the prime rental properties in the area. Though the property was purchased off-market, Ness competed against several other firms. Ness won the deal as their offer had the shortest due diligence period before going non-contingent on the deal.
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