Kennedy Wilson, an international real estateand services firm, and its partners have sold NoHo-14, a 180-unit, 14-story luxury apartment building in the NoHo Arts District of Los Angeles’ San Fernando Valley.
Kennedy Wilson originally acquired the building 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, upgrading the resident profile and growing the property’s annual net operating income from $2.3 million to $3.1 million.
The company also renovated the building’s leasing office, recreation room, fitness center, high-tech business center and overall 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 millionthat relocated the golf superstore from its original location of over 30 years.
“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,” said Robert Hart, president of KW Multifamily Management Group, in a statement.
“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,” he added.
Kennedy Wilson’s multifamily portfolio now consists of 13,005 units in the U.S. and Japan.