Hollywood apartment complex sells for $14.2 Million

The complex at 6530 De Longpre Avenue
The complex at 6530 De Longpre Avenue

Ness Holdings has acquired a nearly fully-leased 65-unit multifamily complex in Hollywood for $14.2 million, or $291 per square foot, the company announced Monday.

The property is located at 6520-6530 De Longpre Avenue on a one-acre corner lot within walking distance of the Hollywood/Vine Metro station. In the past year, just three parcels equal or larger in size have sold in the neighborhood, according to PropertyShark.

The former owners, a joint-venture between De Longpre Investors, LLC and Eleanor Avenue Investments, LLC, bought the property in 2005 for $5.6 million, records show. Following a partnership dissolution, they decided to liquidate thee asset, accepting an off-market offer made by Ness Holdings almost a year prior. Henry Garcia of Keller Williams Studio City represented both the buyer and seller.

Garcia said rents at the building were roughly 20 to 25 percent below market.

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“In order to capture that upside, Ness Holdings will be improving common areas to better suit the intended tenant demographic,” he said. The building is rent-controlled, so units will be retrofitted and upgraded when existing tenants vacate.

Los Angeles-based Ness already owns and manages a portfolio of multifamily and commercial units throughout Southern California.

“This asset fits perfectly within our business model and was a true value add deal,” said Daniel Mense, vice president of Ness, in a prepared statement. “We are excited about implementing our business plan and bringing an exceptional building to market that will serve the needs of this neighborhood.”