A North Hollywood apartment building featuring 68 upscale live-work units has traded hands for $18.7 million. An affiliate of Vista Investment Group LLC in Santa Monica purchased the nearly 72,000-square-foot NoHo Lofts building earlier this month from CityView NoHo Lofts LLC of Los Angeles. The 5355 Cartwright Ave. building in the Arts District is not subject to rent control. The 1950s-era vintage brick-and-concrete warehouse building was converted into a luxury live-work property in 2006 featuring two-level units with polished concrete floors and up to 25-foot ceiling heights. “This property is unique to the neighborhood, a true creative live-work building, which is highlighted by the large concentration of artist residents,” said Vista President Jonathan Barach, in a statement. Vista plans significant capital improvements, including upgrades to unit interiors and existing building amenities such as the rooftop deck, fitness center and club room. The lofts are about 97 percent occupied. As part of the sale, Vista acquired a 15,200-square-foot parcel directly across the street at 5354 Denny Ave. that is fully entitled for up to 20 units and 80 parking spots. Kitty Wallace, senior vice president at the L.A. office of Colliers International represented the buyer and seller.
