GPI Companies paid $92.5 million for the 292-unit Lofts at NoHo Commons, further bolstering the real estate investment firm’s presence in the L.A. market.
The purchase price, confirmed by an industry source, pencils out to nearly $317,000 per unit for the property at 11179 Weddington Street in North Hollywood.
The company nabbed a deal on the property. KBS Strategic Opportunity REIT II and MWest Holdings paid $102.5 million for the asset in 2016 before renovating it the following year.
The property is hard to miss from the street, with the exterior bearing the art of Berlin artist Thierry Noir, who was commissioned by MWest to paint a 15,000-square-foot mural stretching from an alley at 11136 Chandler Boulevard to 11135 Weddington Street. The work, named “Freedom Boulevard Wall,” represents Noir’s largest-ever mural and was unveiled in 2017 as Los Angeles and Berlin rang in their 50th year as sister cities.
Lofts at NoHo Commons offers studio, one-bedroom and live/work units. Apartments have 11- to 14-foot ceilings, track lighting and in-unit washers and dryers, while community amenities include an Olympic-size pool and screening room.
The building’s occupancy has averaged 94 percent over the past decade, according to GPI.
Greystar was tapped to manage the apartment building.
GPI’s North Hollywood acquisition is the latest move in the area for the Los Angeles-based real estate investment firm.
The company recently completed its West Hollywood apartment building, called Nine Thousand One, at 9001 Santa Monica Boulevard. GPI’s also in construction on the six-story, 201-unit Overland & Ayres, located at 2455 South Overland Avenue. GPI and Nahla Capital are also developing the upscale Beverly Hills condo project Rosewood Residences.
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