KBS, MWest Take on NoHo Neighborhood

Shep Wainwright is SVP and asset manager at KBS Strategic REIT II.

LOS ANGELES—KBS Strategic Opportunity REIT II and MWest Holdings have partnered to purchase the Lofts at NoHo Commons for $102.5 million from an unnamed seller. This is a value-add play for the two investors, which have targeted the North Hollywood market for investment. The market has strong tenant demand and benefits from many of the same fundamentals as other emerging markets, like Koreatown, Echo Park and East Hollywood, where MWest has also invested in value-add projects.

“The property is location at the center of the NoHo Arts District and presents us with a great opportunity to improve the property and reposition it to meet the strong multifamily demand in that market,” Shep Wainwright, SVP and asset manager at KBS Strategic REIT II, tells GlobeSt.com. “We were attracted by the strong tenant demand for this type of product in the North Hollywood market. We cannot forecast if we will buy other assets in this market, but it is on our radar.”