Real Estate Firm Buys 24-Unit Apartment Building in Hollywood

From a press release:

Ness Holdings, Inc., a privately-funded real estate investment and development firm, acquired three multifamily properties located in prime rental markets throughout Los Angeles: 1812-1830 Wilcox Avenue in Hollywood, 2216 West Court Street in Echo Park, and 1759 Wilton Place in Franklin Village. The firm plans to reposition each of these buildings into luxury apartment complexes.

As the sole investor closing all of the properties in one week, Ness Holdings acquired 62-units across three properties for nearly $11.5 million. This includes:

• Opened escrow non-contingent on the 24-unit building in Hollywood, acquiring the property for $4.4 million. This property is entitled for development and also has the ability to be spilt up into four smaller transactions.
• Acquired a 28-unit non-rent-controlled apartment building in Echo Park a probate sale for $4.93 million.
• Purchased off-market, the firm acquired a 10-unit property in Franklin Village for $2.1 million.

“These properties have been neglected and are suffering from deferred maintenance,” said Steven Taylor, president and founder of Ness Holdings, Inc. “We plan to renovate each of these buildings and reposition them to market standards in order to attract the demographics that are seeking quality assets in prime rental markets.”

As value-add investors, the firm saw an opportunity in each building by implementing a comprehensive renovation program to enhance the curb appeal and living experience for tenants. The buildings are nestled in prime locations throughout Los Angeles that are supply constrained for quality assets and have a tremendous amount of demand.

“These vibrant Los Angeles neighborhoods continue to attract high quality investors,” says Ness Holdings, Inc. Director, Daniel Mense. “Our firm’s strategy allowed us to aggressively pursue all three deals within a short timeframe.”

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