Universe Holdings has acquired Chateau Park Casino Royale V, a 15-unit multifamily community in Inglewood, California, for $3.8 million. It is the firm’s ninth acquisition in the past four years in the area. The submarket has gained national attention as the site of the $3 billion NFL stadium that will be home to the Los Angeles Rams and Los Angeles Chargers. Located at 232 West Olive Street, the community is five minutes from the redevelopment of Hollywood Park and the new NFL stadium.

Universe Holdings plans to implement a capital improvement program to bring the building’s exterior and interior units up to contemporary standards. Renovations are expected to be completed to coincide with the opening of the new stadium and entertainment complex.

Universe Holdings CEO Henry Manoucheri identified Inglewood as a strong multifamily market two years before the Rams decided to make Inglewood home to the new stadium complex. Universe plans to double its portfolio in Inglewood in 2019. The company has completed investment transactions of more than 7,500 apartment units throughout the United States and abroad.