Century City-based Universe Holdings, a privately held multifamily investment firm, has completed a $12.6 million acquisition of the Nob Hill Towers apartment community located in the Westlake district of Los Angeles.
The 53-unit art deco property, built in 1929, has a mix of studio and one-, two- and three-bedroom units, according to the firm.
Universe said it plans to make $917,000 in property improvements, which include new landscaping, lighting and modernizing interiors with new flooring, appliance packages, counters, cabinets and other upgrades, the firm said.
“As part of our operating model, Universe Holdings specializes in acquiring and managing historic Los Angeles art deco properties and creating value by modernizing unit interiors while maintaining and enhancing the timeless character of these unique assets,” Chief Executive Henry Manoucheri said in a statement.
Real estate reporter Neil Nisperos can be reached at email@example.com. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.