Suburban LA Community Changes Ownership
- Feb 07, 2019
Universe Holdings added Chateau Park Casino Royale V, an Inglewood community, to its California portfolio. The city has come under special scrutiny from investors due to the ongoing construction of the $3 billion NFL stadium that will be the home of both Los Angeles Rams and Los Angeles Chargers come its 2020 completion.
Located at 232 W Olive St., the multifamily community is five minutes away from Hollywood Park and the new NFL stadium, and close to local employers like Los Angeles International Airport, Centinela Hospital and the Silicon Beach tech industry. The 1962-built property has never been renovated, thus offering immediate value-add opportunity. Universe Holdings will invest significant capital in capital improvements at the asset. The renovations are to be finalized around the same time as the opening of the new stadium and entertainment complex.
“A lot of investors shied away from Inglewood, but what we saw was a high-density community with a large inventory of workforce housing in a submarket located adjacent to markets where rising rents are pricing many people out,” said Universe Holdings CEO Henry Manoucheri, in prepared remarks. “We also saw stable occupancy and the opportunity to acquire a number of value-add properties.”
The company started acquiring Inglewood properties two years before the announcement made by Rams owner Stan Kroenke regarding the location of his new stadium complex.
Image courtesy of Universe Holdings