(To read more on the multifamily market, click here.)

NORTH HOLLYWOOD, CA-Redwood Partners of Newport Beach and Rockwood Capital of San Francisco have acquired the 292-unit NoHo Lofts project in the NoHo Arts District from the Los Angeles-based J.H. Snyder Co., the developer of the lofts project, for $92.5 million. According to Curtis Palmer and Herb Chase of Transwestern Multi Housing Capital Advisors, the buyers found the luxury apartment complex at 11136 Chandler Blvd. an appealing investment for its location in a new and growing NoHo Arts District community of contemporary theaters, art galleries, cafes and shops in a neighborhood near Valley Village and North Hollywood.

Palmer and Chase, who represented Snyder, point out that demand for residential units is growing in the new neighborhood, which is part of a host of redevelopment projects in the area. The NoHo Lofts property, for example, is within walking distance of the Academy of Television Arts, immediately north of Universal Studios, and immediately west of Burbank, the headquarters city of the Walt Disney Co., NBC and other entertainment companies.

The area has also become a transportation hub, the Transwestern brokers point out. A Metro Rail station is located in the one-square-mile NoHo Arts District, as well as the North Hollywood station of the Red Line, and the terminus of the Metro Orange Line buses.