LOS ANGELES, CA - Ness Holdings has acquired a 65-unit multifamily complex in Hollywood for $14.225 million. Henry Garcia of Keller Williams Studio City represented both the buyer and seller in the off-market transaction.
Built in 1957, the property is located at 6520-6530 De Longpre Avenue on a rare one-acre corner lot near the intersection of Sunset and Cahuenga Boulevards in the heart of Hollywood. The property is within walking distance to the ArcLight, Hollywood Palladium, Pantages Theater and the Hollywood/Vine Metro station.
Made up largely of one-bedroom-units, the property was 96% leased at below market rents at close of escrow.
“Over the last 12 months there have only been three other properties that have sold that are equal or larger in size,” said Garcia. “This is a very rare opportunity to purchase a large property off market in the Hollywood area. Steve Taylor, President of Ness Holdings, understood the unique opportunity to purchase this attractive site and immediately moved forward with an offer.”
The buyer will implement an intensive capital improvement program to reposition the property. Renovations will include a variety of exterior and interior upgrades as well as retrofitting the building.
“This asset fits perfectly within our business model and was a true value add deal,” said Daniel Mense, Vice President of Ness Holdings. “We are excited about implementing our business plan and bringing an exceptional building to market that will serve the needs of this neighborhood.”
“Much of the multifamily inventory in Hollywood is made up of brand new ultra luxury housing which has priced out many who want to live in Hollywood,” added Garcia. “At the other end of the spectrum is older product that requires financial wherewithal and expertise of an investor/operator, such as Ness Holdings, to create quality rental housing that meets today’s tenant preferences.”
Los Angeles-based Ness Holdings, is a privately held real estate and development company. Ness owns and manages an extensive portfolio of multifamily and commercial units throughout various urban markets in Southern California.
The seller was a local joint venture operating as De Longpre Investors, LLC and Eleanor Avenue Investments, LLC.