IPA Sells 180-Unit Asset for $74M

IPA sells an asset totaling 180 units; Pembrook Capital provides an $8.4 million bridge loan; and NorthMarq arranges a $16.4 million refinance via a life insurance company.

NoHo 14

Los Angeles—Institutional Property Advisors, the multifamily brokerage arm of Marcus & Millichap, has arranged for the sale of NoHo 14, a 180-unit high-rise asset located in the NoHo Arts District of Los Angeles. The urban infill, mixed-use property sold for $74 million, or $410,583 per unit.

The seller was a joint venture that included Kennedy Wilson, Guardian Life Insurance and Urban Partners/RECP. The property’s buyer was a core fund managed by UBS.

“The seller acquired the property while it was in lease-up,” says Ron Harris, executive vice president at IPA. “As demand for rental units in trendy areas has spiked following the downturn of the single-family housing market, the partnership implemented a quick and successful stabilization program. Now fully leased, this asset is one of the only core multifamily high-rises in Los Angeles and the only one in the San Fernando Valley.”

NoHo 14 is located at 5545 Lankershim Blvd. and is one of the only transit-oriented projects in the San Fernando Valley. The 14-story community was built in 2008, and has amenities including a pool, spa, sundeck, clubhouse, garden, barbecue area, fitness center, concierge and on-site parking.

Pembrook provides $8.4M bridge loan for San Jose land acquisition

San Jose, Calif.—Pembrook Capital Management LLC has completed an $8.4 million first mortgage bridge loan to an affiliate of Republic Urban Properties LLC. The financing was used to facilitate the acquisition of a 2.4 acre land parcel in San Jose—a site that will be used for the development of a Class A community. The property is expected to consist of 218 units and 14,000 square feet of retail space.

“In addition to being a leading hub for high-tech innovation, San Jose remains one of the strongest multifamily markets in the nation,” says Stuart Boesky, president and chief executive officer at Pembrook. “Republic Urban Properties has significant experience in multifamily development throughout San Jose, and we anticipate strong local interest in the property upon its completion.”

Located north of the Willow Glen neighborhood in the Midtown section of San Jose, the property is in close proximity to several national retailers. The expected date of commencement for construction is July 2012.

NorthMarq arranges $16.4M refi via life insurance company

Chandler, Ariz.—James V. DuMars, senior vice president/managing director of NorthMarq’s Phoenix Regional office, arranged first mortgage refinancing of $16.4 million for a 258-unit luxury apartment community in Chandler, Ariz.

Financing was arranged for the borrower by NorthMarq through its correspondent relationship with The Lincoln National Life Insurance Co.