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2/11/16
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The real estate boom in Inglewood following the official Rams relocation announcement is well underway. In the latest news, Universe Holdings purchased two apartment buildings near the future NFL stadium and Hollywood Park redevelopment for a total of $5.82 mil.
The properties, located at 617 E. 97th Street and 822 Myrtle Ave, contain a total of 27 units with a mix of two- and three-bedroom floor plans. Universe plans to make $750k of interior and property improvements.
“Universe Holdings looks for strategic opportunities in unique markets that meet our aggressive investment strategy focused on enhanced investor returns,” said Henry Manoucheri, founder and CEO of Universe. “We were early movers into the city of Inglewood with our first acquisition in November 2014 because we recognized the coming renaissance that now officially includes a new NFL stadium. We saw Inglewood’s potential as a unique opportunity to acquire workforce apartment assets with extreme value-add potential due to the rising tide of nearby entertainment and lifestyle amenities.”
The transaction expands the Universe portfolio in Inglewood to 77 units in three properties, including 50 units at The Sycamores apartment community acquired in November 2014 for $8.65 mil.
Inglewood has become a center of urban renewal; transitioning from a languishing high-density, urban workforce bedroom community to a destination location set to rival downtown Los Angeles with its entertainment, sports, retail and lifestyle amenities. The recent decision to bring the NFL back to Los Angeles with a new stadium for the Rams and Chargers made international headlines, and ensures the community will be a top Southern California destination for decades to come. The new NFL stadium cements the vision for a dynamic city center that includes plans for the $1.9 bil transformation of Hollywood Park to a vibrant mixed-use retail, commercial, entertainment and residential district and Madison Square Garden Company’s revitalization of The Forum as premier concert and event venue.
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