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11/17/16
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Universe Holdings and Hanover Financial have teamed up in the acquisition of two multifamily properties totaling 68 units in Hollywood for $24.1 mil ($354.4k/unit). The joint venture partners have dedicated an additional $2 mil – or about $28k per unit - in funding for immediate improvements to the interiors and exteriors of both properties.
One of the properties, at 1229 N. Mansfield Ave, is a 36-unit, four-story apartment building originally constructed in 1988. The property features a unit mix of mostly two-bedroom/two-bath residences offering fireplaces and balconies, with top floor residences featuring vaulted ceilings and dramatic city views. The property also features community amenities, including a fitness center and two levels of gated access parking.
The other property, at 1319 N. Mansfield Ave, is a 32-unit, three-story building in Mediterranean style originally built in 1989. The property features a unit mix of one-bedroom/one-bathroom residences, with select units offering loft space. The property offers community amenities in the form of abundant outdoor community space, gated access parking and onsite laundry facilities and all units feature private balconies.
“These assets are a perfect fit for our investment model, which focuses on existing apartment communities that require modernization and improvement,” notes Universe founder and CEO, Henry Manoucheri. “Universe can then apply our internal management platform to conduct improvements and renovations to elevate the livability of the assets to contemporary standards.”
The planned improvements to the properties will be to modernize unit interiors with new flooring, paint, kitchen appliances and in-unit washers/dryers. Additional improvements will also include exterior painting, landscape and renovations of common areas and mechanical infrastructure.
Blake A. Rogers with HFF brokered the transaction on behalf of all parties. An HFF team led by Charles Halladay and Tim Brousse also arranged financing for the joint venture on the properties.
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