Half-vacant Hollywood apartment building trades hands

Ness Holdings sold the building to NNC Apartment Ventures

TRD LOS ANGELES /
Sep.September 13, 2017 09:00 AM

Hollywood could be seeing yet another renovation project.

NNC Apartment Ventures dropped $10.75 million for the two-story, 42-unit apartment building at 6565 Fountain Avenue, according to a release from Marcus & Millichap.

The seller, local private investment company Ness Holdings, raked in $256,000 per unit. The company purchased the 29,300-square-foot property for $7.2 million in February 2016, property records show.

Marcus & Millichap’s Bryan Schellinger and Ron Harris brokered the sale.

The building, which is located just south of Sunset Boulevard, was sold as a value-add property. Details from the release suggest they buyer could renovate the property’s 26 vacant units.

NNC Apartment Ventures invests in and operates apartment communities in Southern California and Phoenix, Arizona, according to its website. The company also purchased Broadway Apartments at 806 S. Broadway in Santa Ana for $5 million in May.

Ness Holdings owns multifamily, retail and mixed-use development projects around Hollywood and other parts of the Eastside.

Hollywood is in the midst of a construction boom with at least eight developments under construction, including Avalon Bay Communities’ 695-unit project and Millennium Hollywood.


Related Articles

arrow_forward_ios
A rendering of the project (Credit: Yorkwood, LLC)

Developer plans 137-unit complex in Hollywood

Developer plans 137-unit complex in Hollywood
Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller with a rendering of the project

An analysis of rent rolls at Hollywood & Highland

An analysis of rent rolls at Hollywood & Highland
Bob Iger, Reed Hastings and (clockwise from top left) Sunset Las Palmas, Sunset Bronson and Sunset Gower Studios (Getty, Google Maps)

Here’s what Netflix, Disney and CBS pay at for their Hollywood digs

Here’s what Netflix, Disney and CBS pay at for their Hollywood digs
Bernard Huberman and Hollywood’s Television Center (BLT, Television Center)

BLT Enterprises buys Hollywood’s Television Center for $64M

BLT Enterprises buys Hollywood’s Television Center for $64M
Photo illustration of Hudson Pacific Properties CEO Victor Coleman and Blackstone Group President Jonathan Gray (Coleman by Rich Polk/Getty; Gray by Drew Angerer/Getty; Top Gun by Paramount Pictures/Sunset Boulevard/Corbis/Getty)

Inside Hudson Pacific and Blackstone’s field of streams

Inside Hudson Pacific and Blackstone’s field of streams
Phillip Aarons and a rendering of the project (Credit: Patrick McMullan via Getty Images)

Earth shaking news: Hollywood Center megaproject on active fault line

Earth shaking news: Hollywood Center megaproject on active fault line
6725 West Sunset Boulevard in Hollywood and Vanbarton Group's Richard Coles (Credit: Google Maps)

Vanbarton’s Sunset Boulevard office complex goes to special servicing

Vanbarton’s Sunset Boulevard office complex goes to special servicing
Onni Group president Rossano De Cotiis and the site (Credit: Google Maps)

Onni Group plans 14-story office complex in Hollywood

Onni Group plans 14-story office complex in Hollywood
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...