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4/21/22
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Universe Holdings has expanded its footprint in Hollywood with the acquisition of a 24-unit multifamily property in an $8 mil ($333k/unit). Built in 1964, the property is located at 1820 El Cerrito Place, east of La Brea Ave and north of Franklin Ave.
Situated just a few blocks away Hollywood Boulevard’s Walk of Fame, the property offers a mix of one- and two-bedroom floor plans. Numerous shopping, dining and entertainment hotspots are located within a mile of the property.
LA-based Universe has a long and extensive history of acquiring and operating assets in Hollywood. Since making its first acquisition in the market in 1984, Universe has acquired 11 properties around Hollywood, focusing its efforts on acquiring smaller, more historic properties. That includes 1820 El Cerrito Place, which is located adjacent to another Universe-owned asset, Chateau El Cerrito, giving Universe control of approximately half of the block in the heart of Hollywood.
“There is a certain mystique that surrounds Hollywood and part of its charm are these historical properties which help tie the city’s past with its present,” Universe CEO Henry Manoucheri said. “Our success with acquiring and operating these type of assets provides us with a blueprint that we can use with 1820 El Cerrito Place. Having multiple properties in the area, including these two assets adjacent to each other, gives us the ability manage properties efficiently while having the capability to offer renters multiple options in the market.”
Over the last five years the Hollywood and West Hollywood area has seen the development of 1.83 msf of Class A office space and another 2.89 msf of Class A office is under construction or in planning. A growing number of entertainment and tech industry companies are moving into the area, bringing large numbers of young workers to the market that are attracted to the area’s vibrant lifestyle.
Previous ownership maintained the property well but opted to make very few upgrades, providing significant value-add upside for Universe. Unit upgrades will include quartz countertops, stainless steel appliances, wood plank-style flooring, kitchen backsplashes, and contemporary lights and fixtures. A rooftop deck remodel is also planned.
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