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NORTH HOLLYWOOD, CA-Redwood Partners of Newport Beach andRockwood Capital of San Francisco have acquired the 292-unit NoHoLofts project in the NoHo Arts District from the Los Angeles-basedJ.H. Snyder Co., the developer of the lofts project, for $92.5million. According to Curtis Palmer and Herb Chase of TranswesternMulti Housing Capital Advisors, the buyers found the luxuryapartment complex at 11136 Chandler Blvd. an appealing investmentfor its location in a new and growing NoHo Arts District communityof contemporary theaters, art galleries, cafes and shops in aneighborhood near Valley Village and North Hollywood.

Palmer and Chase, who represented Snyder, point out that demandfor residential units is growing in the new neighborhood, which ispart of a host of redevelopment projects in the area. The NoHoLofts property, for example, is within walking distance of theAcademy of Television Arts, immediately north of Universal Studios,and immediately west of Burbank, the headquarters city of the WaltDisney Co., NBC and other entertainment companies.