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PRESS RELEASE: Ness Holdings, Inc. Acquires Prime Retail Property and Value-Add Apartment Complex in Hollywood

LOS ANGELES, CA – Ness Holdings, Inc., a privately-funded real estate investment and development firm, acquired a 6-tenant retail property at 7601-7615 Beverly Blvd Los Angeles, CA across from landmark sites: The Grove, Pan Pacific Park, and the Broadcast Center Apartments. Ness Holdings acquired the retail property for approximately $6.2 million.  The site is located in prime Mid-City West area and includes one of LA’s top eateries, Terroni Restaurant. The firm plans to reposition the month-to-month leases and renovate the property.

“Situated in a thriving Los Angeles neighborhood, we immediately saw this as a great opportunity to add value by instituting a comprehensive renovation and repositioning program,” said Ness Holdings, Inc. Director, Daniel Mense. “With Terroni as our anchor, we believe we’ll be able to attract more appropriate tenants that better serve this market’s needs.”

Ness Holdings, Inc. also purchased a 14-unit apartment building located at 1846 N. Kingsley Drive in the Hollywood/Los Feliz area for $1.95 million cash. Competing against more than 15 buyers, the firm acquired the property in less than five days and entered escrow non-contingent in order to secure the acquisition.

“Nestled between Hollywood and Los Feliz, this is an ideal location for renters looking to be in a trendy and burgeoning neighborhood,” commented Steven Taylor, President and Founder of Ness Holdings, Inc. “Our underlying strategy for this property was pretty straight forward which allowed us to aggressively pursue this deal. We have plans to implement an extensive renovation/rehab program to improve the curb appeal and units in order to attract the demographic this area commands.”

In addition to their Commercial and Multifamily portfolios, the firm is active in spec-home building throughout various markets in Los Angeles and has been aggressively growing their “SFR Development” portfolio.  In September, the firm acquired an approximate 4,800 square foot lot in Venice, CA and has plans to demolish the existing structure and redevelop the lot into a modern, 3,500-square-foot, four-bedroom home.  “Venice continually proves itself to be one of the most desired markets in Los Angeles, particularly for single family homes.  We are excited to be building here and more importantly continually expand our presence in this dynamic market,” remarked Steven Taylor.

Ness Holdings, Inc. is a privately-funded real estate investment and development company that focuses on the development, acquisition, and ownership of various asset types – multi-family, commercial, and residential – throughout the Los Angeles area. The firm has extensive knowledge and expertise in a variety of disciplines, including: ground-up and redevelopment, repositions, core assets, sale-leasebacks, and financing.

TAGS: Investment