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1/27/25
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Universe Holdings sold two apartment properties totaling 32 units in L.A.’s South Bay area for a combined price of $10.1 mil.
One of the properties, Space Odyssey, a 14-unit building in Hawthorne, sold for $4.2 mil, or $300k/unit. The other property, Park Casino Royale II, is an 18-unit property in Inglewood that went for $5.875 mil, or $326k/unit.
Universe acquired both 1980s vintage properties between December 2015 and August 2016. Both were part of Universe’s Inglewood portfolio, which now includes seven properties totaling 172 units.
In addition to the disposition of the two Inglewood properties, Universe refinanced Acacia Park, a 304-unit multifamily community located in the Inland Empire city of San Bernardino, CA with attractive, fixed-rate financing which will add approximately $100k/mo in additional property cash flow.
The disposition of the two Inglewood properties was part of an active fourth quarter for Universe, which refinanced four Southern California multifamily assets totaling 436 units. All four refinancings provided attractive, fixed-rate financing, that added additional property cash flow that will facilitate capital improvements designed to provide increased revenue.
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