KBS Strategic Opportunity REIT II JV Buys North Hollywood Apartment Building
In a joint venture, KBS Strategic Opportunity REIT II, a publicly registered non-traded real estate investment trust, and MWest Holdings, a privately held real estate operator, purchased The Lofts at NoHo Commons, a three-story, 292-unit class A apartment building, for $102.5 million.
Built in 2007, The Lofts at NoHo Commons is a three-story, 292-unit class A apartment building with a mix of studio lofts and one-bedroom open floor plans. Unit amenities include 11- to 14-foot ceiling heights, washer and dryers, granite countertops and bamboo or concrete flooring. The property includes a pool and clubhouse, business center, fitness room, and underground parking with space for more than 400 cars. MWest and KBS said they plan to improve the courtyard and pool area to include resort-style outdoor amenities.
“The Lofts at NoHo Commons is one of the best located class A, multifamily communities in the submarket, given its immediate proximity to both retail amenities and metro lines,” said James Rodgers, executive vice president and head of acquisitions for KBS Strategic Opportunity REIT II.
The Lofts at NoHo Commons is located near the intersection of Lankershim Boulevard and Chandler Boulevard, the “Main and Main” center of the NoHo Arts District. It is directly across the street from the North Hollywood Metro Rail and Orange Line stations.
The property’s onsite management will be handled by Polaris Property Management.
KBS Strategic Opportunity REIT II went effective in August 2014 and focuses on investing in real estate-related loans, opportunistic real estate, real estate-related debt securities and other related investments located in the United States and Europe. Through a private placement offering and subsequent initial public offering, the REIT has raised a total of $153 million in investor equity. In addition to the recent acquisition, the company’s portfolio also includes two hotel properties, two office properties, an investment in an unconsolidated entity and had originated a first mortgage loan.