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Adaptive Reuse Project Fetches $18M

NORTH HOLLYWOOD, CA—Driven by strong demand and rising property values, Vista Investment Group acquires the 68-unit NOHO Lofts multifamily complex and a fully entitled parcel of land.

By Kelsi Maree Borland | Updated on June 02, 2014

NORTH HOLLYWOOD, CA—Vista Investment Group has acquired the NOHO Lofts from CityView for $18.7 million in the upleg of a 1031 transaction. The 68-unit apartment complex is the only adaptive reuse property in the area with both multifamily and office space. The sale included a fully entitled parcel of land adjacent to the complex.

The listing received strong interest from potential investors and multiple offers, largely due to the presence of both commercial and residential space. Several of the investors sought to reposition the property into condominiums and develop the adjacent parcel.

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