This Week's LA Deal Sheet
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Universe Holdings has been busy lately, refinancing seven multifamily properties totaling $124.7M. Bisnow caught up with Universe Holdings founder and CEO Henry Manoucheri to learn about the deals.
Universe Holdings has a "strong relationship" with its HFF team, according to Henry.
There is now a "turnkey working relationship with HFF" that Henry sees as "a strategic advantage as we look to capitalize on the value we’ve created at our owned assets through refinance or in structuring the capital stack as we pursue new acquisitions," he says.
The refinanced properties are the 172-unit Nantucket Creek in Chatsworth (above); the 50-unit Isles of Charm in Los Feliz; the 53-unit Chateau Lakeside in Van Nuys; Chateau Woodley Hart, an 82-unit property in Van Nuys; Chateau Regent, a 52-unit property in North Hollywood; Chateau Spring Terrace, a 56-unit property; and the 94-unit Chateau Spring Hill, both in San Diego County.
Universe Holdings has owned the properties for at least a decade, according to Henry. The idea was the proceeds gained from refinancing "would free up capital to repay principal investors, focus on property improvements across all seven assets and free up capital from proceeds for new investments," he says.
Keeping the properties in its portfolio allows Universe to "enjoy the positive cash flows generated from well-positioned assets," he adds.
HFF managing director Charles Halladay repped Universe Holdings.
The property at 1065 East Ocean Blvd has 11 studios, three one-bedroom units and two two-bedroom units—some with balconies that have ocean views. The unit interiors offer hardwood and ceramic tile floors, ceiling fans and granite counters.
There is a central courtyard, controlled-access entry and on-site laundry in the complex.
The property closed at a 3.95% cap rate with a price/unit of $207k.
Stepp Commercial principal Robert Stepp repped the seller, Long Beach's Seward Road Enterprises, and the buyer, Calabasas' 17 CNE LLC.
Wateridge is on 21 acres at the corner of La Cienega Boulevard and Slauson Avenue.
Lincoln is making upgrades that will increase the number of dining options so tenants can stay on campus for lunch.
First constructed in phases beginning more than 25 years ago, it is now a campus style, multi-tenant facility.
The property's major tenants include Kaiser Permanente, the LA County Department of Children and Family Services, and Evolve Media.
There is also a 24-Hour Fitness on campus.
Beach Point Capital Management has renewed its lease at the Water Garden at 1620 26th St in Santa Monica.
The firm is growing from 20k to 25k SF and will take up the entire top floor of the six-story, Class-A office building. Previously, Beach Point’s operations were split between the project’s second and sixth floors.
The firm signed a 10-year lease and got monument signage rights as part of the deal.
Savills Studley corporate managing director Andy Lustgarten and EVP, director and regional manager Mark Sullivan repped Beach Point Capital.
David Pressberg and Jordan Rubinstein joined Kennedy Wilson's brokerage team.
Both men were previously with Century Park Realty.
The team will relocate to Kennedy Wilson's Beverly Hills headquarters.
Caruso Affiliated has tapped EVP of development Matt Middlebrook to head its newly launched Strategic Development and Innovations division.
Matt's new title will be EVP of Strategic Development and Innovations.
He will report directly to Caruso Affiliated CEO Rick Caruso.