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8/21/17
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Universe Holdings paid $12.6 mil for Nob Hill Towers, a 53-unit ($237.7k/unit) apartment community located in the Westlake district of Los Angeles. Built in 1929, the property is located at 2430 Ocean View Ave, in close proximity to Silver Lake, Korea Town and Downtown.
The property is an art deco era classic and features a mix of studio, one-, two- and three-bedroom units. Units at Nob Hill Towers feature fireplaces and ornate crown modeling common of the era and restored to contemporary standards. The property’s apartments feature floor plans with generous square footage not typical of contemporary properties, and most units feature dramatic views of Downtown Los Angeles, the Hollywood sign and other urban landmarks.
Universe plans to move forward immediately with close to $1 mil in property improvements; including modernizing interiors with new flooring, appliance packages, counters, cabinets and other upgrades and updating exterior treatments with dramatic lighting, new paint, enhanced common areas and new landscape. The company also plans to convert dormant space in the basement level to a business center and fitness area.
“This type of property is irreplaceable, and when improved, Nob Hill will present a unique, contemporary property in close proximity to some of the most dynamic neighborhoods in Los Angeles,” notes Henry Manoucheri, founder and Chief Executive of Universe. “As rents continue to rise in the Downtown, Silver Lake and Los Feliz submarkets, we predict Westlake will become a desirable alternative for discerning, younger tenants looking to embrace a truly urban lifestyle with manageable rents.”
With the acquisition of Nob Hill Towers, Universe owns a Central Los Angeles portfolio that features properties in Hollywood, Los Feliz and now Westlake totaling 328 units of multifamily housing in ten unique properties. Notably, this portfolio also includes two additional art deco era buildings in Hollywood named Chateau Alto Nido and Chateau El Cerrito, both restored and maintained to contemporary standards.
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