Contact Us

The LA Deal Sheet

In one of the largest transactions for Los Angeles-based Universe Holdings, a JV of the privately held multifamily investment firm and Hanover Financial LLC has purchased the 400-unit Capes at Ventura in Ventura County from Colony Northstar for $100M.

Essex Property Trust provided the preferred equity, company officials said. This is the JV's second acquisition.

Capes at Ventura in Ventura

Universe Chairman and CEO Henry Manoucheri said the acquisition signals the company’s renewed appetite for larger and more complex transactions. 

“Forging strong relationships with this quality of institutional partners is a key element in our ongoing strategy of identifying and acquiring large-scale, value-add projects throughout the Western United States,” Manoucheri said in a news release.

The property is 94% occupied, according to Multi-Housing News, citing YardiMatrix.

The JV plans a $6.5M renovation and upgrade of the property, company officials said.

Built in 1984, the Capes at Ventura at 760 South Hill Road features a mix of one- and two-bedroom units. A Universe Holdings official said its prime location just a five-minute drive from the Pacific Ocean and freeway accessibility, along with the soaring home prices in the area, made this a good investment.

“This surge has priced many potential home buyers out of the market creating high demand for quality rental housing in Ventura, which is known for its excellent climate, schools, and proximity to many fine beaches,” Universe Holdings' Samuel Landman, who led the acquisition team, said in a news release. “By adding substantial value through the renovation of the asset and repositioning of the property, we believe we can create significant risk-adjusted returns for our investors.”

Berkadia’s Adrienne Barr and Shane Shafer represented the seller.

1267 North Laurel Ave. in West Hollywood


An undisclosed syndication group has purchased a 22-unit apartment building with one nonconforming unit at 1267 North Laurel Ave. in West Hollywood from a private party for $7.3M. The one property offers 18,252 rentable SF and sits on a large 15,077 SF lot. Marcus & Millichap’s Tony Azzi and Jordan Asheghian represented the seller and buyer.


Shichi and Naoko Tanaka have purchased a 12,505 SF industrial building in Torrance from Akyuz Trust for $4M. The property at 401 Amapola Ave. sits on more than a half acre. The Klabin Co.’s David Grote represented the seller. Apex Commercial’s Arnold Ng represented the buyer.


Valuerock Investments Partners LLC has purchased a nearly 55K SF retail property in Palmdale from HFC/PRP Palmdale LLC for $10.15M. The newly constructed retail property is occupied by Hobby Lobby at 40022 10th St. W. The transaction closed at a cap rate of 6.22%. Faris Lee Investments’ Jeff Conover and Christopher DePierro represented the buyer and seller.


In a 1031 exchange, a Beverly Hills-based private investor has purchased an eight-unit apartment in West Hollywood from an undisclosed corporate trustee for $3.13M. Built in 1929, the two-story building at 141 North Swall Drive has four two-bedroom and four one-bedroom units. Charles Dunn Co.’s Bryan Glenn represented the seller. Charles Dunn’s Tanel Harunzade represented the buyer.

818 West Seventh St. in downtown Los Angeles


Steinberg Hart Architects has signed a lease with landlord Gaw Capital’s Downtown Properties to occupy nearly 12K SF of office space at 818 West Seventh St. in downtown Los Angeles. CBRE’s Chris Caras, Phillip Sample, Brad Chelf, Brandon Bank and Taylor Watson represented the landlord. Cushman & Wakefield’s John Eichler represented Steinberg Hart. Built in 1924 and renovated in 2016 and 2018, the 12-story historic building features exposed brick with concrete floors, ceilings and columns.


One Iota, a technology solutions company, has signed a lease with landlord Charles S. Cohen for 8K SF of office space in the Pacific Design Center’s Green Building in West Hollywood. The property is at 700 North San Vicente Blvd. in West Hollywood. Cohen Brothers Realty’s Marc Horowitz represented the landlord. Savills Studley's Michael Shuken represented the tenant.


Maxam Tire North America Inc. has signed a $10M, seven-year lease with Crown Associates Realty Inc. for 116,100 SF of industrial space at 19119 South Reyes Ave. in Rancho Dominguez in Los Angeles. The Klabin Co.’s Matthew Stringfellow, Courtney Bell and Tyler Rollema represented Crown Associates Realty. Daum Commercial’s Casey Mungo represented the tenant.


Scott Chalmers will serve as managing director of CBRE’s West LA office in Century City. Prior to joining CBRE, Chalmers was president and CEO at Kenrick Ventures Real Estate Solutions. A UCLA graduate, he has also served as first vice president at ArdenRealty Inc.


Sean Matsler has joined Cox, Castle & Nicholson LLP as its newest land use partner. With 15 years of experience, Mastler will be responsible for bolstering the firm’s land use practice and securing entitlements for residential, commercial, industrial and institutional real estate development projects. Prior to Cox, Castle & Nicholson, Matsler served as a land use partner at Manatt, Phelps & Phillips LLP.


Industry veteran Anson Snyder has joined JLL Capital Markets as vice president. With 22 years of commercial real estate experience, Snyder will be responsible for providing financing solutions for debt and equity for multifamily and healthcare properties. Prior to joining JLL, he worked as a multifamily finance executive at Barings.