GlobeSt.com previously broke the news that this apartment was on the block back in October. Institutional Property Advisors, a recently formed national brokerage platform specializing in serving the needs of institutional and major private investors, secured the exclusive listing for NoHo 14. The firm’s Ron Harris and Greg Harris, executive vice presidents, and Joseph Smolen and Kevin Green, associate directors, represented the seller.

“The seller acquired this property while it was in lease-up,” explains Ron Harris. “As demand for rental units in trendy areas has spiked following the downturn of the single-family housing market, the partnership implemented a quick and successful stabilization program,” he says. “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.”

According to Greg 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.”

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.

“We are very pleased to have sold this iconic property at a very opportune time in the market,” says Robert Hart, president of KW Multifamily Management Group. He tells GlobeSt.com that the firm decided to sell because “we believe that the market is healthy right now and we were able to get a very good return for our investors. Stabilizing this property and selling was part of our business plan on this investment.”

Kennedy Wilson originally acquired the building along with partners Guardian Life Insurance Co. and RECP/Urban Partners as an REO asset in June 2010. The company converted the condominiums into apartments, implementing a new leasing program and enhancing property management to concierge level service, effectively upgrading the resident profile and growing the annual net operating income of the property from $2.3 million to $3.1 million. The company also renovated the building’s amenities, including the leasing office, recreation room, health club quality fitness center and high-tech business center as well as other aesthetics. Additionally, the 11,000-square-foot ground floor retail space at NoHo-14 was leased by Kennedy Wilson’s brokerage group to Roger Dunn Golf in a $3.8-million deal that relocated the golf superstore from its original location of over 30 years.

“NoHo-14 is the only class A luxury tower of its kind in the North Hollywood area and is the only high-rise multifamily rental community in the entire San Fernando Valley,” adds Hart. According to Ron Harris of IPA, “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.”

Kennedy Wilson’s multifamily portfolio now consists of 13,005 units in the US and Japan.