NoHo 14—a high rise 180-unit apartment complex in the North Hollywood Arts District—has sold for nearly $74 million.
A core fund managed by UBS purchased the 14-story tower from a joint venture that included Beverly Hills-based Kennedy Wilson, Guardian Life Insurance and Urban Partners/RECP, the real estate brokerage involved in the deal said.
“We are very pleased to have sold this iconic property at a very opportune time in the market,” Robert Hart, president of KW Multifamily Management Group said in a statement.
The JSM project was originally conceived as apartments then switched to condominiums when the real estate market heated up. But the market soured, and the units were rented out when the project opened in 2008. Bank of America foreclosed on the property, and Kennedy Wilson and its partners picked it up in 2010.
Executive Vice Presidents Ron Harris and Greg Harris and Associate Directors Joseph Smolen and Kevin Green of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller.
Ron Harris said the community—located at 5445 Lankershim Blvd. and adjacent to the Red Line and Orange Line—is now fully leased.
“This asset is one of the only core multifamily high-rises in Los Angeles and the only one in the San Fernando Valley,” he said in a statement.