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11/28/16
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A joint venture between KBS Strategic Opportunity REIT II and MWest Holdings has acquired The Lofts at NoHo Commons, a three-story, 292-unit Class A apartment building in North Hollywood, for $102.5 mil ($351k/unit). Built in 2007, the property is located at 11136 Chandler Blvd, on the southeast corner at the intersection with Lankershim Blvd.
Units at The Lofts at NoHo Commons feature 11- to 14-foot ceiling heights, washer and dryers, granite countertops and bamboo or concrete flooring. The asset has a mix of studio lofts and one-bedroom open floor plan units.
Common area features include a clubhouse, business center, fitness room, underground parking with space for over 400 cars, and many other best-in-class amenities. The property also has a large courtyard and pool area, which MWest and KBS plan to improve to include resort-style outdoor amenities.
The Lofts at NoHo Commons is situated directly across the street from the North Hollywood Metro Rail and Orange Line stations. Tenants are also just steps away from The Shops at NoHo Commons, as well as many of the NoHo Arts District’s entertainment and dining amenities.
Curtis Palmer and Chris Benton of ARA NGKF were involved in brokering the deal. MWest Holdings was represented by attorneys Andrew Kirsh and Joshua Loeb of Sklar Kirsh LLP. The property’s onsite management for the new ownership will be handled by Polaris Property Management.
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