G
PI Companies has expanded its presence in the Los Angeles market with a significant acquisition. The company paid $92.5 million for the Lofts at NoHo Commons, a 292-unit property located at 11179 Weddington Street in North Hollywood. This purchase price translates to approximately $317,000 per unit.

    The property was previously owned by KBS Strategic Opportunity REIT II and MWest Holdings, who acquired it in 2016 for $102.5 million and renovated it the following year. The exterior of the building features a large mural painted by Berlin artist Thierry Noir, commissioned by MWest to commemorate Los Angeles' 50th anniversary as a sister city with Berlin.

    The Lofts at NoHo Commons offers studio, one-bedroom, and live/work units with high ceilings, in-unit laundry facilities, and community amenities such as an Olympic-size pool and screening room. The property has maintained an average occupancy rate of 94% over the past decade, according to GPI. Greystar will manage the apartment building.

    This acquisition is part of a larger expansion by GPI Companies in the North Hollywood area, following the completion of its West Hollywood apartment building, Nine Thousand One, and ongoing construction on the Overland & Ayres project in Culver City. The company is also developing the Rosewood Residences, an upscale condo project in Beverly Hills with Nahla Capital.