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9/06/16
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Universe Holdings recently acquired three LA-area multifamily properties totaling 77 units for $16.67 mil, or around $216k/unit. Universe plans to invest $2.5 mil in improvements to the properties, located in the South Bay. The properties were purchased off-market by Universe in a single portfolio transaction.
The acquisition includes two properties in Inglewood and one in the adjacent city of Hawthorne. Universe’s South Bay portfolio now totals 155 units in six properties. The three recent property acquistions include:
• 702 Venice Way, Inglewood
• 516 Evergreen Street, Inglewood
• 13220 Cordary Ave, Hawthorne
“The South Bay submarket in Los Angeles is a strong fit for Universe Holdings and our current investment focus,” said Henry Manoucheri, Founder and CEO of Universe. “We were early movers into the Inglewood market for its diversity of product type and strong demographics. The Hollywood Park redevelopment and new NFL stadium are now creating a new lifestyle potential in the surrounding South Bay communities that pairs well with its status as an attractive location for workforce housing.”
Universe continues to pursue additional investments in Southern California, with plans in motion to acquire additional Los Angeles-area assets in the near future. The company will also continue to look at the Bay Area and, in the near future, on the Eastern Seaboard in markets like New York, New Jersey and Philadelphia.
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