Institutional Property Advisors Brokers $92.5-Million Multifamily Sale in NoHo Arts District

Institutional Property Advisors (IPA), a division of Marcus & Millichap, has announced the sale of The Lofts at Noho Commons, a 292-unit multifamily property in the NoHo Arts District. The asset traded for $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.

Lofts at NoHo Commons is located within walking distance of popular dining, entertainment and nightlife destinations along Lankershim Boulevard. It offers easy access to major thoroughfares, like the Hollywood Freeway, U.S. Highway 101, Ventura Freeway and Interstate 5.

Constructed in 2006, The Lofts at NoHo Commons has 237 lofts, 41 one-bedroom units, and 14 live/work lofts. Recent upgrades total $9 million. Enhancements include interior updates to 85% of market-rate units, extensive murals, new signage, hardscape and landscape improvements, and EV charging stations. Property amenities include an Olympic-size swimming pool, social lounge with an entertainment kitchen, movie theater, resort-style courtyard, fitness center and co-working spaces.