GPI Companies Buys North Hollywood Apartment Building for $93M
By Nick Trombola September 30, 2024 6:29 pm
reprints
Nearly three years after welcoming the first residents to its Alexan NoHo West development, Los Angeles-based GPI Companies has another apartment building under its wing in North Hollywood, and at a discount no less.
The developer acquired the 292-unit Lofts at NoHo Commons for $92.5 million, or roughly $316,780 per unit, according to The Real Deal, citing an unnamed “industry source.” A partnership between Pacific Oak Strategic Opportunity REIT (formerly KBS Strategic Opportunity REIT II) and MWest Holdings sold the property at 11179 Weddington Street, which it acquired in 2016 for $102.5 million.
GPI has contracted with Greystar to manage the property, which has averaged 94 percent occupancy over the past 10 years, per TRD.
A representative for Pacific Oak declined to comment. Representatives for GPI and MWest did not immediately respond to requests for comment.
Aside from the Alexan NoHo West project, GPI has built up a respectable housing portfolio in L.A. over the past few years. The company is in the midst of building its Overland & Ayers project at 2455 Overland Avenue, adjacent to its West End office campus in West Los Angeles, and in May launched sales for its ultra-luxury Rosewood Residences Beverly Hills condominium. Developed with partner Nahla Capital, the condominium will contain just 17 individual homes once completed.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
