North Hollywood apartment tower sold for $74 million

NoHo 14, a failed high-rise condominium development turned apartment house in North Hollywood, has sold for $74 million to investors.

An investment fund managed by Swiss banking giant UBS bought the residential and retail complex at 5440 N. Tujunga Ave. from real estate company Kennedy Wilson, Guardian Life Insurance Co. and RCEP/Urban Partners.

Completed in 2008, the 14-story tower encompasses more than 200,000 square feet. It includes 180 residential units and a Roger Dunn Golf Shops store on the ground floor.

The sellers bought the complex for $59 million in 2010 after it had failed as a condo development and title was returned to the lender. They converted the condos into apartments and upgraded the fitness center, leasing office and other common areas, Beverly Hills-based Kennedy Wilson said.

NoHo 14 was built to serve residents who want to be close to public transportation, said real estate broker Ron Harris of Institutional Property Advisors. The complex is near the North Hollywood subway station and the Orange Line busway.

It is the only high-rise apartment building in the San Fernando Valley, said Robert Hart of Kennedy Wilson.

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