LOS ANGELES – Ness Holdings, Inc., a privately-funded real estate investment and development firm, has announced the acquisition of a four-tenant retail property located in the heart of Melrose, as well as a portfolio of multi-family buildings located throughout the Los Angeles area.
The retail property located at 7300 Melrose – the corner of Melrose and Poinsettia – includes nationally-recognized Floyd’s 99 Barbershop and nightlife hotspot The Darkroom. It was an off-market deal, which was acquired for $3.85 million.
“Melrose is on the upswing and should continue to see growth in rental rates and retail demand,” says Ness Holdings, Inc. Director, Daniel Mense. “Melrose is going through significant changes to improve its identity and image to attract a stronger tenant mix and customer demographic. Our plan to reposition this property coincides with these changes.”
Additionally, Ness Holdings, Inc. led a consortium of investors in the acquisition of a portfolio of multi-family buildings located throughout the Los Angeles area, valued at approximately $11 million.
“The vast majority of assets in this portfolio are located in strong rental markets, including Hollywood, North Hollywood and Koreatown. We saw an opportunity to improve and reposition the buildings to increase rental revenue and lower operating expenses; additionally, the proximity of many of the properties to one another offered strong operational synergies,” commented Steven Taylor, Managing Partner and Founder of Ness Holdings, Inc.
As the lead investor, Ness Holdings, Inc. was able to navigate the complex purchase through bankruptcy court, and work with its various partners and numerous creditors involved in the purchase.
“Acquiring the portfolio through bankruptcy court proved to be a challenging endeavor, however, we understood the intrinsic value that these properties held as well as the upside that we could realize. We are excited to add these buildings to our growing portfolio and are continually seeking to acquire strong value-add assets, such as these, for our Company,” says Daniel Mense.