Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of The Lofts at Noho Commons, a 292-unit multifamily property in the NoHo Arts District of Los Angeles. The sale price was $92.5 million, or $316,781 per unit.
“The property’s proximity to major employers including CBS Studio Center, Universal Studios, Walt Disney Studios and Warner Bros. Studios enhances its appeal to entertainment professionals,” said Joseph Grabiec, IPA executive managing director. Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, a joint venture partnership, and procured the buyer, The GPI Companies.
Constructed in 2006 and located at 11179 Weddington St. in North Hollywood, The Lofts at NoHo Commons has 237 lofts, 41 one-bedroom units, and 14 live/work lofts. Recent upgrades, including interior upgrades to 85% of the market-rate units, total $9 million. In addition to offering proximity to major studios, the property is located within walking distance of popular dining, entertainment and nightlife destinations along Lankershim Boulevard.
