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.

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“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.”

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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.

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According to Taylor, Ness Holdings plans to invest $5 to $7 persquare foot on exterior renovations and $7,000 to $10,000 torenovate the interior units. All three of the properties have beenneglected and are in poor condition. Ness Holdings plans to bringthem to “market standards in order to attract the demographics thatare seeking quality assets in prime rental markets.”

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Overall, the investor is looking for similar value-addopportunities throughout the L.A. area. When asked about thesubmarkets where it is seeking opportunities, Taylor says, “all ofthem—from the beach to downtown and Northridge toLAX.” This has been true for the firm for sometime. Last year, it purchased two properties in Los Feliz and the Mid-Cityfor $6.2 million.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.