Investor Marks goes Hollywood.Investor Marks goes Hollywood A believer in Hollywood's revival, Dale Marks has invested more than $12 million to buy three apartment buildings in the area, claiming he has made one of the "sweetest deals in the past few years." Obvious reasons for the purchases are low interest rates and desperate sellers in the current recession. Marks was able to get financing from Glendale Federal at "interest rates way under market." He says the buildings total 181 apartment units, are two and a half years old and will be in greater demand once Hollywood's redevelopment projects are completed, including two mixed-use projects: Hollywood Galaxy and Hollywood Promenade promenade Public place where people walk (or, in the past, rode) at leisure for pleasure, exercise, or display. Promenades are pedestrian avenues pleasingly landscaped or commanding a view, often located along waterfronts and in parks. Vehicular traffic may or may not be restricted. . The 37-year-old investor, in the business since age 19, believes every major city eventually turns inward in·ward adj. 1. Located inside; inner. 2. Directed or moving toward the interior: an inward flow. 3. , and downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or is no different. Marks foresees a facelift once the downtown office market picks up, which in turn should increase demand for residential space in nearby Hollywood. A South Bay resident, Marks earned an undergraduate degree “First degree” redirects here. For the BBC television series, see First Degree. An undergraduate degree (sometimes called a first degree or simply a degree in business from Pepperdine University Pepperdine University is a private institution of higher learning affiliated with the Church of Christ in unincorporated Los Angeles County, California, United States. The university's location overlooks the Pacific Ocean and is adjacent to the city limits of Malibu. . After college, he became a broker and later bought his own real estate firm. Marks also opened a property management firm, Property Dynamics, which he later sold to one of the company's senior vice presidents. He now owns Torrance-based The Prudential Prudential is the name of two different companies and buildings named after them: Companies:
Marks says he is looking to make other sweet deals, believing that now is a great time to buy. He advises Angelenos, "If they don't buy now, they may never be able to buy." |
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