Universe Holdings (Universe) has sold two properties from its Inglewood, California portfolio in separate transactions for $10.075 million, capping an active fourth quarter for the Los Angeles-based real estate investment firm. In December, Universe sold Space Odyssey, a 14-unit building in Hawthorne for $4.2 million and Park Casino Royale II, an 18-unit property in Inglewood for $5.875 million.
Universe acquired both 1980s vintage properties between December 2015 and August 2016. Both were part of Universe’s Inglewood portfolio, which now includes seven properties totaling 172-units.
Both Space Odyssey and Park Casino Royale II exceeded projected investor targets over the hold periods adding to Universe’s impressive track record of producing stout results for its investors, according to Noah Kaufman, Director of Finance and Acquisitions for the Los Angeles-based multifamily investment firm.
“By acquiring each of these assets at an attractive going-in cap rate and successfully implementing our proven value add program, we were successful in generating durable cash flow over the hold period,” said Kaufman. “This allowed us to provide our investors with attractive risk-adjusted returns at the time of each sale.”
In addition to the disposition of the two Inglewood properties, Universe refinanced Acacia Park, a 304-unit multifamily community located in the Inland Empire city of San Bernardino with attractive, fixed-rate financing which will add approximately $100,000 a month in additional property cash flow.
The disposition of the two Inglewood properties was part of an active fourth quarter for Universe, which refinanced four Southern California multifamily assets totaling 436 units. All four refinancings provided attractive, fixed-rate financing, that added additional property cash flow that will facilitate capital improvements designed to provide increased revenue.
The transaction activity puts Universe in prime financial position to take advantage of increased opportunities for deals in 2025, according to Universe CEO Henry Manoucheri.
“While transaction activity was limited over the past two years, we were still able to expand our holdings on the East Coast acquiring $99.6 million in larger and newer multifamily assets in New Jersey and Florida,” Manoucheri said. “Thanks to Noah and his team’s hard work to increase our financial flexibility, we are in prime position to pursue some very exciting opportunities in what will be a more active 2025.”
Universe Holdings is a privately held multifamily investment, ownership and management firm focused on value-add and off-market transactions. Founded by Chairman/CEO Henry Manoucheri in 1994, the company has completed investment transactions of more than 7,500 apartment units throughout the United States and abroad. Universe strives to achieve long-term value through strong fundamentals meeting institutional quality ownership strategies.
