The Real Deal Los Angeles

KBS nabs North Hollywood rental for $102.5M

Property was sold by Rockwood, Redwood
By Katherine Clarke | October 03, 2016 10:30AM

Noho Commons

Noho Commons

A joint venture led by Newport Beach-based investment firm KBS Strategic Opportunity REIT II has nabbed a North Hollywood rental building for $102.5 million, or $351,027 per unit.

The property, at 11136 Chandler Boulevard, was sold by a partnership of Rockwood Capital and Redwood Partners, which bought it for $92.5 million in 2007, according to Real Capital Analytics.

The deal pencils out to a price per square foot of approximately $450 for the 227,746-square-foot property.

Spokespersons for both the seller and the buyers did not immediately respond to requests for comment.

The property, known as Noho Commons, comprises mostly studio and one-bedroom homes and has a pool and fitness center.

For Rockwood, sales haven’t exactly been the order of the day in recent months. The firm has more recently been in acquisition mode, buying Playa Jefferson, the five-building, 250,000-square-foot creative office campus that’s home to Facebook’s largest L.A. office for $165 million, The Real Deal previously reported. It’s also said to be joining forces with Lincoln Property Company to buy a 390,312-square-foot Class A office building at 915 Wilshire Boulevard for just under $130 million.