The 180-unit luxury apartment complex in North Hollywood has been sold for $74 million, according to a press release issued by Kennedy Wilson, a Beverly Hills-based company that has owned the building along with several partners since 2010.
The building was sold to New York-based investment bank UBS, according to various reports. The building has been for sale since last fall.
JSM Construction broke ground on the NoHo14 building at 5440 N. Tujunga Ave. in 2004 and developed it as the tallest residential structure in the Valley. It was intended to be condominiums, but in late 2009, Bank of America foreclosed on the building and in 2010 sold it to the Kennedy Wilson company for approximately $59 million, according to GlobeSt.com. Kennedy Wilson and its investors then converted the building into rental apartments.
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Kennedy Wilson has made significant upgrades and investments in the property's amenities, according to the press release, which also says it implemented a new leasing program and enhanced property management "to concierge level service," which helped grow the annual net operating income of the property from $2.3 million to $3.1 million.
Kennedy Wilson’s brokerage group also leased the 11,000 sq-ft. ground retail space to the , which had previously been located for 31 years at the Lankershim Boulevard/Carmarillo Street intersection about a mile south. The new location appears to be thriving and seems to have kept its regular clients from the old shop as well as found new customers due to the new shop’s proximity to the and the .
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