GPI Companies completed the acquisition of The Lofts at NoHo Commons, a 292-unit, Class A podium-style multifamily project in North Hollywood. The transit-oriented, mixed-use property in the North Hollywood Arts District was originally built in 2006 and was extensively renovated in 2017.
“We were attracted to this exciting property not just because of its special physical characteristics, but also because of the compelling demographics being served,” said Clay Friend, partner at GPI Companies, who led the acquisition. “North Hollywood is an exciting market with a growing employment base in entertainment, sales, hospitality, and medical.”
GPI director AJ Taylor added, “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.”
Greystar will manage this new property for GPI Companies.
