Marcus & Millichap’s division, Institutional Property Advisors (IPA), recently completed the sale of The Lofts at Noho Commons in Los Angeles’ NoHo Arts District. The 292-unit multifamily property was sold for $92.5 million, or $316,781 per unit.
According to Joseph Grabiec, IPA executive managing director, the property’s location near major employers such as CBS Studio Center and Universal Studios makes it particularly attractive to entertainment professionals. Grabiec and his colleagues Kevin Green and Gregory Harris represented the seller – a joint venture partnership – and secured GPI Companies as the buyer.
Built in 2006 at 11179 Weddington St., The Lofts at NoHo Commons features a mix of 237 lofts, 41 one-bedroom units, and 14 live/work lofts. Recent upgrades totaling $9 million have been made to approximately85% of its market-rate units. In addition to its proximity to major studios like Warner Bros., this property is also within walking distance of popular dining options along Lankershim Boulevard that offer entertainment options for residents.
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