Henry Manoucheri pay $269/SF for 104K SF - Why I Like It
52 units averaging 1,380 SF at $538K/door
At a glance
confirmed, recorded May 4 2026
44 × 2BD · 8 × 3BD
per door
104,144 gross SF
at-close, verified NOI
current, at close
non-RSO · AB 1482 applies
1.22 acres · LAR3
estimated · above threshold
108 months · LivCor exit
What matters
- The numbers 104,144 SF hard cost alone is 30m+
- The units are big and reduces turn over
- Appliances These newer builds are so much easier to operate. The only things that usually go wrong are appliances. 12 years into this building and 52 units can start getting into about 250k of appliances that need updates as they are getting close to their end of life. A lot of owners don't factor this cost.
- HVAC 52 HVACs are going to need to testing and maintenance immediate. As an operator at this time I'd stock a few HVAC replacements in stock, replace all the capacitors and have replacement parts in stock as these.
Universe Holdings / Henry Manoucheri paid $28 million — $538,462 a door, $269 a foot — for LivCor's 2014 Encino fifty-two-unit after a nine-year hold. CoStar and the listing print a 5.50% on $1.54 million of verified NOI, non-RSO with AB 1482, and average doors around 1,380 square feet. Estimated ULA on the close is also $1.54 million — a full year of NOI transferred at the closing table.
You are buying below hard-cost replacement on large Valley doors, not a distress print. Second-order: when a forty-year operator steps in at a mid-5s on newer Encino stock, that becomes the clearing yield other Valley mid-rise sellers have to defend — after ULA.
I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.
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Listing broker Kevin Green, Marcus & Millichap; property and transaction data: CoStar Research.
Write to David Safai at David@AtlasBrief.La
Appeared in the Sept. 5, 2026 edition of The Tape.