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9/20/24
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GPI Companies has acquired The Lofts at NoHo Commons, a 292-unit, Class A podium-style multifamily project in North Hollywood. The transit-oriented, mixed-use property was originally built in 2006 and was extensively renovated in 2017. The price was not disclosed.
The property is located in the heart of the North Hollywood Arts District at the intersection of Lankershim and Chandler, proximate to numerous restaurants, bars, and an Amazon Fresh grocery.
The Lofts at Noho Commons is a unique, low-density project with a large amenity deck that gives the building a “resort style” feel. Its abundant outdoor space and open-air corridors differentiate it from its competitive set. In addition, every unit has a loft-style design with 11–14-foot ceilings and open floorplates, making it particularly attractive to the creative demographic in North Hollywood.
AJ Taylor, Director at GPI Companies, noted that “Over the past 10 years, The Lofts at NoHo Commons has averaged approximately 94% occupancy. Given the serious constraints on new supply resulting from high construction costs and expensive financing rates, we anticipate that the property will continue to perform well and appreciate in value.”
With this purchase, GPI Companies is expanding its multifamily portfolio into a submarket they are very familiar with. The company recently completed development of a luxury rental property at 9001 Santa Monica Blvd in West Hollywood; and is in construction on two new residential properties, Overland & Ayres, a 201-unit project on Overland Blvd in West Los Angeles and and The Rosewood Residences, an extraordinary luxury condominium project in Beverly Hills being developed with Nahla Capital.
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