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Ness Holdings Looks To High Growth Markets

LOS ANGELES—The investor buys two properties—one on Abbott Kinney in Venice and another on Carlton Way in Hollywood—with plans to reposition both properties as class-A assets.

By Kelsi Maree Borland | Updated on April 28, 2015

LOS ANGELES—Ness Holdings has acquired two properties in high-growth markets in Los Angeles, with plans to reposition both as class-A assets. One property is located on Abbott Kinney in Venice, which will be repositioned as a high-fashion retail store or high-end restaurant, and the second property is an apartment building located on Carlton Way in Hollywood, which will undergo a intensive capital improvement plan to become a high-quality multifamily asset. Ness Holdings paid a total of $15 million for the two properties.

“The underlying theme for both properties is that they are both inventoried for class-A product,” Daniel Mense, director at Ness Holdings, tells GlobeSt.com. “The opportunity to acquire such high-demand assets was really the key driver for us. These were both off-market deals, which is really our niche because we are value-add investors. Both of these deals had a discount to market in terms of the value, and because we were able to avoid the whole marketing process, we were able to skip a competitive bidding war. As a result, we acquired these at what we felt was a significant discount to market.”

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