(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
LOS ANGELES-Institutional Property Advisors, a recently formed national brokerage platform specializing in serving the needs of institutional and major private investors, has secured the exclusive listing for NoHo 14. The 180-unit high-rise urban infill multifamily asset is located in the NoHo Arts District of Los Angeles.
The project consists of condominiums that are currently being leased as apartment units, as well as ground-floor retail space. Greg Harris and Ron Harris, executive vice presidents of IPA, are representing the seller, a joint venture that includes Beverly Hills, CA-based Kennedy Wilson and two institutional investors.
IPA tells GlobeSt.com that it is an unpriced offering. “The asset is being offered on an open bid basis, however it is expected to transact in the range of a 4% cap rate,” says IPA. “As an irreplaceable high-rise core asset, it will attract a wide array of institutional investors including REITs, pension funds and insurance companies,” IPA tells GlobeSt.com.
“The selling entity acquired this asset as a JV partnership when it was a condominium project,” explains Greg Harris. “As the demand for rental units spiked in this area following the downturn of the singlefamily housing market, the partnership converted this complex into rental units,” he says. “This property is one of the only core high-rise multifamily assets on the market in Los Angeles that will provide an investor with stabilized returns over the short and long term.”
Located at 5440 North Tujunga Ave., NoHo 14 is one of the only transportation-centric projects in San Fernando Valley, located along a rail, bus and car transportation corridor, providing convenient access to the North Hollywood subway station and the trans-San Fernando Valley high-speed bus system, according to a prepared statement. Constructed in 2008, the 14-story class-A high-rise tower includes a total of 208,238 rentable square feet, which includes 11,000 square feet of ground-floor retail space.
According to Ron Harris, “North Hollywood is one of the fastest-growing and developing urban centers in Los Angeles. Small-scale, urban infill development like this will continue to thrive throughout the heart of the city, driven by demand from young renters eager to be near employment centers and entertainment destinations.”
Community amenities include a pool, spa, sundeck, theater room, gardens, BBQ area, fitness center, concierge and parking security for approximately 400 parking spots, which represents a higher than 2:1 ratio of spaces to units. The rooftop viewing deck offers unobstructed views of San Fernando Valley, the San Gabriel Mountains, Universal City and the Hollywood Hills.
As GlobeSt.com previously reported, in 2010, the REO 180-unit NoHo 14 Tower was purchased via a $40 million mortgage. It was acquired from Bank of America for approximately $59 million. The other partners in the JV are Guardian Life Insurance Co., Real Estate Capital Partners and Urban Partners LLC.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
