GPI Companies Expands Multifamily Portfolio With $92M LA Acquisition
The property recently went under a $9 million renovation.
The GPI Companies is expanding its multifamily portfolio with a $92.5 million Los Angeles, California acquisition of The Lofts at Noho Commons.
The property hosts 292 units, consisting of 41 bedroom units, 237 lofts, and 14 live/work lofts. Some amenities at the site include a fitness center, kitchen with entertainment, social lounge, a pool, movie theater, co-working spaces, and a courtyard.
The Lofts at Noho recently went under a $9 million renovation. This includes upgrades to EV charging spots, extensive murals, new signage, landscape, hardscape, and updating 85 percent of the interior market rate units.
Within walking distance of the rental community in the NoHo Arts District are multiple entertainment, eateries, and nightlife venues.
Institutional Property Advisors procured GPI and represented the seller, which was identified as an unnamed joint venture.
“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,” Joseph Grabiec, executive managing director of IPA, said in a statement.
Along with acquisitions, GPI operates as a developer, manager, and repositioner of commercial real estate assets. For multifamily, the company also operates Oak Creek Apartments, 6400 Sunset Boulevard, and 9001 Santa Monica Blvd. In addition, GPI manages other asset classes in its portfolio including office, retail, and mixed-use properties.
In the three months through June, Los Angeles continued to see multifamily recover, with the average monthly effective rent hitting $2,220, up from the first quarter’s $2,207. That marked the second consecutive quarter of rent growth. Also, rents in the city have shot up 11.5 percent since the second quarter of 2020.
Meanwhile, the outlook is continuing to improve in The Golden State. A USC Casden Multifamily Forecast predicted that in the summer of 2025, rents will average $2,306 in Los Angeles County; $2,049 in the Inland Empire; $2,540 in San Diego County; and $2,671 in Ventura County.