Universe Holdings Development Company – a real estate firm based in Century City, LA – had been doing very well before the outbreak of COVID-19. While the firm is now concerned that its activity will decrease it is hopeful that its overall strategy will not be negatively impacted.
In February Universe Holdings singed a deal on a 249-unit Southern Californian portfolio in Los Feliz for $65 million. The following month it bought an apartment complex in La Mesa. The $34.5 million price tag was for the Serena Vista 100 unit homes. And even with COVID-19 last month it managed to land a Granada Hills deal of a 112-unit portfolio for $25.5 million.
According to Henry Manoucheri, the company’s founder:
“This pandemic is yet another down cycle with a lot of similarities to what I’ve seen in the past. We believe there could be a lot of opportunities coming out of this disaster.”
And now, realtors are moving toward digitalization in their work. Since it is too oppressive to give actual tours of homes, they are now using technology to give multi-home tours through mobile devices. Agents come with full mask protection (even shoe covers) and “walk” potential clients through the properties.