GPI Companies has completed the acquisition of The Lofts at NoHo Commons, a 292-unit, Class A podium-style multifamily project in North Hollywood, California.
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.
“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.”
AJ Taylor, Director at GPI Companies, added 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.”
Lee Wagman, Managing Partner at GPI, added that “With this purchase, GPI Companies is expanding our multifamily portfolio into a submarket we are intimately familiar with. We recently completed development of the luxury rental property at 9001 Santa Monica Boulevard in West Hollywood; and we are in construction on two new residential properties, Overland & Ayres, a 201-unit project on Overland Boulevard in West Los Angeles adjacent to our West End office building and UCLA’s new world-changing Research Park, and The Rosewood Residences, an extraordinary luxury condominium project in Beverly Hills being developed with our partner Nahla Capital.”
Greystar will manage this new property for GPI Companies. “We are thrilled to expand our valued relationship with GPI, and we look forward to helping them continue to expand throughout Southern California,” said Matthew Gray, Director of Client Services at Greystar.
GPI Companies is a full-service commercial real estate investment and operating company based in Los Angeles specializing in the acquisition, development, repositioning, and management of office, retail, multifamily, and mixed-use properties on the West Coast. GPI invests through a series of institutional funds, family offices, and offshore companies. The three Principals of GPI, Drew Planting, Cliff Goldstein, and Lee Wagman, bring more than 100 years of combined real estate experience and have delivered over 50 million square feet of award-winning urban projects with a capitalized value in excess of $3.5 billion.
