UBS Fund Drops $74M On Hollywood High-Rise

Law360, New York (March 1, 2012, 2:14 PM EST) -- A core fund managed by UBS AG has purchased a 14-story luxury apartment building in North Hollywood for $74 million from a joint venture led by global real estate investment firm Kennedy Wilson, a person close to the matter said Thursday.

Kennedy Wilson, Guardian Life Insurance Co. and RECP/Urban Partners purchased the property, known as NoHo-14, as a real estate owned asset in June 2010 and turned it around for a 4.1 percent cap rate, according to a statement released by Kennedy Wilson Thursday.

“NoHo-14 is...
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