BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Mar. 1, 2012--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced the sale of NoHo-14, a
180-unit, 14-story luxury apartment building located in the NoHo Arts
District of Los Angeles’ San Fernando Valley. The signature asset was
sold for $74 million, representing a 4.1% cap rate on in place income.
The seller assumed the $40 million Cigna fixed rate financing.
NoHo-14, an iconic luxury apartment building in the NoHo Arts District of Los Angeles' San Fernando Valley (Photo: Business Wire)
“We are very pleased to have sold this iconic property at a very
opportune time in the market,” said Robert Hart, president of KW
Multifamily Management Group. “NoHo-14 is just one of Kennedy Wilson’s
ventures with Guardian Life and is an excellent example of our
commitment to investing and creating value in multifamily real estate
projects together.”
Kennedy Wilson originally acquired the building along with partners
Guardian Life Insurance Company 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 sq. ft. 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,” commented Hart.
Kennedy Wilson’s multifamily portfolio now consists of 13,005 units in
the U.S. and Japan.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
23 offices in the U.S., Europe and Japan. The company offers a
comprehensive array of real estate services including auction,
conventional sales, property services and investment management. Through
its fund management and separate account businesses, Kennedy Wilson is a
strategic investor of real estate investments in the U.S., Europe and
Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.
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Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
Director of Corporate
Communication
(310) 887-6294
[email protected]
www.kennedywilson.com