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.”