NoHo Apartment Sale Tops $100 MillionMonday, November 21, 2016
The Lofts at NoHo Commons has sold for nearly $103 million, according to the buyers, a joint venture between KBS Strategic Opportunity REIT II in Newport Beach and L.A. property operator MWest Holdings.
The complex, built in 2007, spreads 292 studio and one-bedroom units across three stories. Ceiling heights range from 11 to 15 feet high and units include washers and dryers, granite countertops and concrete or bamboo floors.
The Lofts complex has a clubhouse, business center, fitness room, 400-space underground parking and a pool, but the new owners plan to upgrade the outdoor features to resort-style amenities.
The complex at 11136 Chandler Blvd. is also at the heart of the NoHo Arts District, which has seen several robust apartment and office deals recently. The building also sits across the street from public transportation stations and near major retail shopping centers, factors which have helped motivate investors.
“We’re positioning the Lofts at NoHo Commons as a luxury, resort-style oasis in a vibrant neighborhood,” said Karl Slovin, president of operations for MWest Holdings, in a statement.
The KBS Strategic Opportunity REIT is managed by KBS Capital Markets Group. Curtis Palmer and Chris Benton of ARA NGKF brokered the deal on behalf of KBS while attorneys Andrew Kirsh and Joshua Loeb of Sklar Kirsh LLP represented MWest Holdings.