LOS ANGELES—Ness Holdings, a private investmentand development firm has acquired threemultifamily properties in emerging Los Angelessubmarkets for a total of $11.5 million. Totaling 62 units, theproperties are located in Hollywood, Echo Park and FranklinVillage. Ness Holdings plans to reposition all three propertiesinto luxury apartment complexes.

“Apartment repositioning represents approximately 50% of ourfocus for acquisitions,” Steven Taylor, presidentand founder of Ness Holdings, tells GlobeSt.com. “These purchasesfit our acquisition criteria because through the renovation andrepositioning programs we put in place, we are able to turn the Basset into an A asset while increasing rents at the same time.”

Purchased for $4.4 million, the Hollywood property, located at1812-1830 Wilcox Ave., has 24 units. The property has developmententitlements, which include the option to divide the property intofour separate transactions. Ness Holdings purchased the 28-unitEcho Park building, located at 2216 West Court Street, for $4.9million, and the 10-unit Franklin Village property, located at 1759Wilton Place, for $2.1 million.