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Ness Holdings Expands Multifamily Portfolio

LOS ANGELES—The real estate investor and developer buys three properties totaling 62 units in prime submarkets, and plans to reposition the properties into luxury apartment complexes.

By Kelsi Maree Borland | Updated on October 15, 2014

LOS ANGELES—Ness Holdings, a private investment and development firm has acquired three multifamily properties in emerging Los Angeles submarkets for a total of $11.5 million. Totaling 62 units, the properties are located in Hollywood, Echo Park and Franklin Village. Ness Holdings plans to reposition all three properties into luxury apartment complexes.

“Apartment repositioning represents approximately 50% of our focus for acquisitions,” Steven Taylor, president and founder of Ness Holdings, tells GlobeSt.com. “These purchases fit our acquisition criteria because through the renovation and repositioning programs we put in place, we are able to turn the B asset into an A asset while increasing rents at the same time.”

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