Half-vacant Hollywood apartment building trades hands

Ness Holdings sold the building to NNC Apartment Ventures

Sep.September 13, 2017 09:00 AM
Property at 6565 Fountain Avenue, with Ness Holdings executive Steven Taylor (Marcus & Millichap)

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 Article

Holland Partner Group CEO Clyde Holland and a rendering of the Hollywood project

Holland Partner Group’s Hollywood apartment project faces labor union challenge

1723 N Wilcox Avenue (Credit: Google Maps)

Hollywood hotel construction craze: Developer abandons apartment project for hotel instead

A rendering of the proposed hotel project on Whitley Street (Credit: Daryoush Safai)

Reservations: Hollywood hotel project faces appeal from rent control tenants

AIDS Healthcare Foundation CEO Michael Weinstein and the Amoeba Music store (Credit: Getty Images and Wikipedia)

Amoeba Music owner says landmarking effort by nonprofits is ploy to prevent resi development

5525 W. Sunset Boulevard (Credit: Google Maps and iStock)

Going bigger: Reliable Properties adds 100 units to Hollywood resi project plan

Hollywood & Highland, Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller

CIM Group sells Hollywood & Highland mega-complex for $325M: sources

Hillview Hollywood, Jesse Lasky , Samuel Goldwyn , Adolfo Suaya (Credit: Wikipedia and Getty Images)

Historic Hollywood building in Opportunity Zone becomes latest repositioning target

LA Councilman David Ryu (Credit: Getty Images and iStock)

LA Councilman David Ryu wants less power for developers and for himself