Universe Holdings Snaps Up Two Hollywood Apartment Properties
- Nov 22, 2016
Hollywood, Calif.—Universe Holdings and Hanover Financial have partnered to acquire two multifamily properties totaling 68 units in Hollywood, Calif., for approximately $24.1 million. The partners also plan improvements to both properties.
One of the properties, 1229 N. Mansfield Ave., is a 36-unit, four-story apartment building originally developed in 1988. The community features a mix of mostly two-bedroom/two-bath units offering fireplaces and balconies, with top floor residences featuring vaulted ceilings and city views. Common amenities include a fitness center and two levels of gated access parking.
The other, 1319 N. Mansfield Ave., is a 32-unit, three-story property in Mediterranean style originally built in 1989. The property features a mix of one-bedroom/one-bathroom units, with some units offering loft space. Common amenities include outdoor community space, gated access parking, and onsite laundry facilities. All units feature private balconies.
The partners plan to spent more than $2 million (about $28,000 per unit) to make improvements to both properties, now almost 30 years old, to bring them to current market standards. The focus, according to Universe, will be to modernize unit interiors with new flooring, paint, kitchen appliances and in-unit washers/dryers. Other improvements will include exterior painting, landscape and renovations of common areas and mechanical infrastructure.
“The assets are a perfect fit for our investment model, which focuses on existing apartment communities that require modernization and improvement,” said Henry Manoucheri, founder and CEO of Universe, a privately held apartment investment specialist. The company “can then apply our internal management platform to conduct improvements and renovations to elevate the livability of the assets.”
HFF director Blake A. Rogers brokered the transaction on behalf of all parties. An HFF team led by Managing Director Charles Halladay and Analyst Tim Brousse arranged financing for the joint venture on the properties.