The deal closed a few weeks ago, but the Wall Street Journal gets around to covering the sale of the Gallery at NoHo Commons apartment building in North Hollywood, which went for $96 million to a real estate investment trust managed by Texas firm Behringer Harvard, which has been snapping up multi-family housing all year (1,690 units to date). Behringer paid cash for the building, but its president and COO tells the paper they plan to get a mortgage (and that they usually look to finance up to 60% of the cost of acquisitions).
The Gallery at NoHo Commons has 438 mixed-income apartments and is now at 91% occupancy. The WSJ puts rents around $2,400 for a two bedroom unit. The Lofts at NoHo Commons, a rental with 292 units, sold in 2007 before it was even finished to Redwood Partners and Rockwood Capital for $93 million. A source tells the WSJ the Gallery almost sold in 2007 for $140 million.
· Apartment Know-How in NoHo? [WSJ]