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Half-vacant Hollywood apartment building trades hands
Ness Holdings sold the building to NNC Apartment Ventures
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.