Kennedy Wilson, an international real estate investment and services firm, announced this month that it had sold NoHo-14 to a core fund managed by UBS for $73.9 million, or $419,583 per unit. According to a CoStar report, Kennedy originally acquired the 180-unit mixed-use tower in 2010 in a joint venture led by Kennedy and including Guardian Life Insurance and Urban Partners/RECP. The JV assumed the $40 million Cigna fixed rate financing in the transaction.
"Investors, especially for something this large, do a lot of forecasting and research on where the economy is going. This is a really solid signal that they think the recovery is coming sooner rather than later," said economist William W. Roberts, director of the San Fernando Valley Economic Research Center at CSUN, in an LA Daily News article. "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."
"I think the San Fernando Valley, particularly the (areas) close to the job centers are desirable. It really is competing with the best areas of downtown, West Hollywood and the Westside," added Robert Hart, president of Kennedy Wilson's Multifamily Management Group.
As reported by CoStar, the 14-story luxury apartment building was originally built as a condominium project in 2008. After the partnership purchased the property in 2010, the group converted it into multifamily units. The development, which includes 11,000 square feet of ground floor retail space, is now fully leased.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment