LOS ANGELES, Oct. 5, 2011 – Institutional Property Advisors (IPA), 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 (top left photo), a 180-unit high-rise urban infill multifamily asset 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, Calif.-based Kennedy Wilson and two institutional investors. Greg Harris and Ron Harris are not related.
“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 single-family 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.”
“North Hollywood is one of the fastest-growing and developing urban centers in Los Angeles,” says Ron Harris. “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.
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.
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 (lower left photo) and the Hollywood Hills.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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