LOS ANGELES, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $11.1 million sale of SixThirtyNine, a 0.46-acre development site slated for a multi-housing community in Los Angeles’ Fairfax Village District.
HFF marketed the property on behalf of the seller, Ness Holdings, Inc. The asset was purchased free and clear of existing debt by Micropolitan.
SixThirtyNine is located at 639-645 North Fairfax Avenue in the highly-desirable Fairfax Village District, which is just south of Melrose Avenue, adjacent to West Hollywood, immediately north of The Grove lifestyle center and a few blocks from several of Los Angeles’ most sought-after restaurants. The site has a Walk Score® of 93 and is slated for a market-rate multi-housing development. Once completed, SixThirtyNine will offer panoramic views of Los Angeles, including downtown, the Hollywood sign, Griffith Observatory and the Hollywood Hills.
The HFF investment sales team representing the seller was led by director Blake A. Rogers.
“The site went through a competitive bidding process with several highly-qualified developers, both local and national, vying for the project,” Rogers said. “Ultimately, Micropolitan was awarded the deal given their track record, pricing and timing to close.”
About Ness Holdings, Inc. Ness Holdings, Inc., (NESS) is a diversified real estate company based in Los Angeles with a primary focus in the Southern California markets. The company is professionally operated by principals who have extensive knowledge and expertise in value-add opportunities, development, repositions, core assets, sale-leasebacks, dispositions, acquisitions and financing. The company’s expertise covers many disciplines of commercial real estate, including but not limited to, industrial, retail, office and multifamily properties. For more information, visit www.nessholdings.com.
About Micropolitan: Micropolitan is a developer focused on market-rate apartments in core urban areas with a commitment to designing award-winning projects that are commensurate with the neighborhoods in which the projects are built. Micropolitan recently sold The Micropolitan at Urban Lights, winner of the Los Angeles Business Journal’s Bronze Award for Best Multi-Family Project in Los Angeles. The firm currently has two other projects under construction, one adjacent to Larchmont Village and the other a seven-story apartment building in North Hollywood adjacent to the Red and Orange Metro lines. Micropolitan is a subsidiary company of Psomas, one of the top-ranked engineering firms in the western United States and was created with a clear business objective: to own and operate a well-diversified portfolio of apartment properties that appeal to an urban lifestyle. For more information, visit www.micropolitanco.com.
About HFF: HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.