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5/28/14
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A Vista Investment Group affiliate has acquired NoHo Lofts, a live/work complex in North Hollywood, for $18.7 mil. Located at 5355 Cartwright Ave in the Arts District, the NoHo Lofts features 68 one- and two-level units that are not subject to rent control.
The sale also included a 15.2k sf land parcel directly across the street at 5354 Denny Ave, which is fully entitled for up to 20 units and 80 parking spots. The property was sold by CityView.
A former 1950s vintage brick and concrete warehouse building, the complex was converted into a luxury live/work property in 2006 and features polished concrete floors, expansive windows, up to 25-foot ceiling heights, and state-of-the-art T-3 broadband connection. It was 97 percent occupied at the time of the sale by a variety of creative business owners including those involved in graphic design, music, architecture, advertising and post production.
Vista Investment Group plans to undertake a significant capital improvement program that will include upgrades to unit interiors and existing building amenities such as the rooftop deck, fitness center and club room.
“There is a dearth of true live/work loft product in the North Hollywood Arts District - the kind you see in the downtown Arts District, Hollywood and Culver City that has been so successful recently,” said Vista President Jonathan Barach. “This is surprising given the number of independent theaters, recording companies and post-production companies that call the NoHo Arts District home. This property is unique to the neighborhood, a true creative live/work building, which is highlighted by the large concentration of artist residents.”
Kitty Wallace of Colliers International represented the buyer and seller in the transaction. Andrew Kirsh of Sklar Kirsh LLP handled legal matters for Vista Investment Group.
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