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KBS Strategic Opportunity REIT II JV to acquire $102.5M Calif. apartment building

A wholly owned KBS Strategic Opportunity REIT II Inc. subsidiary, in ajoint venture with Noho Commons Pacific Investors LLC, will acquire the 292-unitLofts at NoHo Commons property in North Hollywood, Calif., from Redrock NohoResidential LLC for $102.5 million.

Noho Commons Pacific Investors is managing member of thejoint venture, but KBS owns a 90% stake in the joint venture and must approveall of its major business decisions.

The venture intends to fund the purchase with contributionsfrom its members and proceeds from a mortgage loan that is currently undernegotiation. KBS strategic will fund its contributions with proceeds from itsongoing best-efforts offering.