GPI Companies has successfully acquired The Lofts at NoHo Commons, a premier multifamily project in North Hollywood. This Class A podium-style property consists of 292 units and is strategically located near public transportation in the vibrant North Hollywood Arts District. Originally built in 2006, the property underwent extensive renovations in 2017.
According to Clay Friend, partner at GPI Companies who spearheaded the acquisition, they were drawn to this unique property not only for its physical features but also because it caters to a desirable demographic. With an increasing number of employment opportunities emerging in entertainment, sales, hospitality and medical fields within North Hollywood’s growing job market.
AJ Taylor from GPI added that over the past decade The Lofts at NoHo Commons have maintained an average occupancy rate of approximately 94%. Given current limitations on new developments due to high construction costs and expensive financing rates; they are confident that this asset will continue performing well and appreciate significantly over time.
Greystar has been appointed as the management company for this newly acquired property by GPI Companies.
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