UBS Buys North Hollywood High-Rise Apartments for $74 Million
- Mar 15, 2012
In a $74 million deal, a fund controlled by UBS Inc. has acquired the 180-unit NoHo 14 apartment complex in North Hollywood.
NoHo 14 fetched $15 million more than it did in its previous transaction in June 2010, when it was acquired in an REO sale by a joint venture of Kennedy Wilson, Guardian Life Insurance Co. and RECP/Urban Partners.
Since then, the property has undergone a series of upgrades. The owners switched the asset from a for-sale to a rental property, upgraded the service to concierge level and instituted a new leasing program.
The Kennedy Wilson team also increased the property’s revenue stream by leasing 11,000 square feet of ground-floor retail space to Roger Dunn Golf for a deal totaling $3.8 million. All told, the measures have raised NoHo 14’s annual net operating income from $2.3 million to $3.1 million.
Kennedy Wilson describes NoHo14 as the San Fernando Valley’s only high-rise multi-family rental property. Amenities include includes a recreation room, a fitness center and a high-tech business center.
Photo courtesy of NoHo14