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11/18/14
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Universe Holdings has acquired The Sycamores, a 50-unit residential community in the city of Inglewood. The property, which fronts a full city block on a full acre site at 875 Victor Ave, traded for $8.65 mil ($173k/unit). Universe purchased the property from the original developer in a private transaction; with an additional $1 mil of funding in place for a series of property upgrades and value-add improvements.
Built in 1972, The Sycamores was owned and operated by its original developer until its sale to Universe Holdings. The property features extensive open space, swimming pool, fitness center, and 5k sf club house with a library, billiards and special event space. The Sycamores offers one-bedroom, two-bedroom and three-bedroom townhouse floor plans ranging from 900 sf to 1.6k sf in size.
Actively maintained and serviced in top condition by its original owner since its introduction, the property features a stable base of long-term tenants, and an array of amenities and residences prepared for upgrade and new tenancy.
In recent years, Universe has focused on building its portfolio of multifamily communities through acquisitions throughout Southern California, with investments in San Diego, Ventura, the Inland Empire and LA County. Universe acquired The Sycamores following a recapitalization of six properties in its portfolio, completed in 3Q2014. The results of this recapitalization ensure that the firm is poised with ready capital to continue acquiring new properties in a strategic investment program moving into 2015/2016 and beyond.
“Inglewood is one of Los Angeles’ historic high-density communities on the cusp of a major period of revitalization,” said Henry Manoucheri, Chairman/CEO and Founder of Universe. “The plans for transforming Hollywood Park to a vibrant mixed-use retail, commercial, entertainment and residential district and Madison Square Garden Company’s revitalization of The Forum point to a bright future for the city.”
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