Universe Buys LA County Apartments for $8.6M
- Nov 26, 2014
Inglewood, Calif.—Universe Holdings, a privately held real estate investment specialist, has acquired The Sycamores, a 50-unit apartment community in Inglewood, in southwestern Los Angeles County. The company paid about $8.6 million for the property.
The Sycamores fronts a full city block at 875 Victor Ave. Universe purchased the roughly one-acre property in a private transaction; an additional $1 million of funding is in place for a series of property upgrades and value-add improvements, according to the buyer.
The seller was also the original developer of the property more than 40 years ago. It had been owned and operated by the original owner since then, and accumulated a stable base of long-term tenants.
The Sycamores offers one- and three-bedroom units, along with two-bedroom townhouses, ranging from 900 square feet to 1,600 square feet. Common amenities include open space, swimming pool, fitness center and 5,000-square-foot clubhouse with a library, billiards, and special event space.
In recent years, Universe has focused acquiring multifamily properties in Southern California, with investments in San Diego, Ventura, the Inland Empire and LA County. Universe acquired The Sycamores following a recapitalization of six properties in its portfolio, which was completed in the third quarter of this year, and says it plans to buy more properties over the next two years.
Inglewood is a high-density area with various revitalization projects in the works. One is Hollywood Park, which will become a mixed-use retail, commercial, entertainment and residential district. Another is Madison Square Garden Co.’s revitalization of The Forum, an entertainment venue.