LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Lofts at Noho Commons, a 292-unit community located in the NoHo Arts District of Los Angeles.
The GPI Cos., an investment and development firm based in Los Angeles, acquired the asset from a joint venture partnership for $92.5 million. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller and procured the buyer in the deal.
Lofts at NoHo Commons was built in 2006. The unit mix includes 251 studios and 41 one-bedroom units. Of the total unit count, 28 have been set aside as affordable. Nine units are available to households earning at or below 110 percent of the area median income (AMI), 14 are available at 60 percent of AMI, and five are available at 50 percent of AMI.
Amenities include a pool, social lounge with entertainment kitchen, movie theater, courtyard, fitness center and coworking spaces. The property recently received approximately $9 million in renovations, including interior updates to 85 percent of market-rate units, murals, new signage, hardscape and landscape improvements and EV chargers.