NoHo14 Building for Sale

The 180-unit building in North Hollywood is for sale, according to a report in GlobeSt.com.

Institutional Property Advisors, a recently formed national brokerage platform, has secured the exclusive listing for NoHo14, according to the report.

The tower has had a volatile ownership history during its short life.

JSM Construction developed the NoHo14 building at 5440 N. Tujunga Ave., and it is 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.

Now, Kennedy Wilson and its investors are looking to sell the property.

"The asset is being offered on an open bid basis, however it is expected to transact in the range of a 4% cap rate,” IPA told GlobeSt.com. “As an irreplaceable high-rise core asset, it will attract a wide array of institutional investors including REITs, pension funds and insurance companies.

Units in the NoHo14 range from 820 to 1,700 square feet. Each room comes in one of two available color schemes and has floor-to-ceiling windows. Living rooms and kitchens have hardwood floors and bedrooms are carpeted. Furnished kitchens have stainless steel appliances.

Building amenities include pool/spa, sundeck, fitness center, meeting room, gated garage parking and a lobby hostess to assist residents and guests.