Institutional Property Advisors Brokers $92.5 Million Multifamily Sale in L.A.’s NoHo Arts District
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of The Lofts at Noho Commons, a 292-unit multifamily property in Los Angeles' NoHo Arts District. The property was sold for $92.5 million, or $316,781 per unit. IPA's Joseph Grabiec, Kevin Green, and Gregory Harris represented the seller and procured the buyer, The GPI Companies.
The Lofts at NoHo Commons, constructed in 2006, features 237 lofts, 41 one-bedroom units, and 14 live/work lofts. The property has undergone $9 million in recent upgrades, including interior updates to 85% of market-rate units, new murals, signage, landscaping improvements, and EV charging stations. Amenities include an Olympic-size swimming pool, social lounge, movie theater, fitness center, and co-working spaces.
Institutional Property Advisors (IPA), una divisione di Marcus & Millichap (NYSE:MMI), ha annunciato la vendita di The Lofts at Noho Commons, una proprietà multifamiliare di 292 unità nel NoHo Arts District di Los Angeles. La proprietà è stata venduta per 92,5 milioni di dollari, ovvero 316.781 dollari per unità. Joseph Grabiec, Kevin Green e Gregory Harris di IPA hanno rappresentato il venditore e hanno procurato l'acquirente, The GPI Companies.
The Lofts at NoHo Commons, costruito nel 2006, offre 237 loft, 41 unità con una camera da letto e 14 loft per vivere/lavorare. La proprietà ha subito 9 milioni di dollari in recenti miglioramenti, inclusi aggiornamenti interni per l'85% delle unità a prezzo di mercato, nuovi murales, cartellonistica, miglioramenti al paesaggio e stazioni di ricarica per veicoli elettrici. I servizi includono una piscina olimpionica, lounge sociale, sala cinema, palestra e spazi di co-working.
Institutional Property Advisors (IPA), una división de Marcus & Millichap (NYSE:MMI), ha anunciado la venta de The Lofts at Noho Commons, una propiedad multifamiliar de 292 unidades en el NoHo Arts District de Los Ángeles. La propiedad se vendió por 92,5 millones de dólares, es decir, 316.781 dólares por unidad. Joseph Grabiec, Kevin Green y Gregory Harris de IPA representaron al vendedor y procuraron al comprador, The GPI Companies.
The Lofts at Noho Commons, construido en 2006, cuenta con 237 lofts, 41 unidades de una habitación y 14 lofts para vivir/trabajar. La propiedad ha experimentado 9 millones de dólares en mejoras recientes, que incluyen actualizaciones interiores para el 85% de las unidades a precio de mercado, nuevos murales, señalización, mejoras paisajísticas y estaciones de carga para vehículos eléctricos. Las comodidades incluyen una piscina olímpica, salón social, cine, gimnasio y espacios de coworking.
Institutional Property Advisors (IPA)는 Marcus & Millichap (NYSE:MMI)의 한 부서로, 로스앤젤레스 NoHo Arts District에 있는 292세대의 다가구 주택인 The Lofts at Noho Commons의 판매를 발표했습니다. 이 자산은 9천250만 달러, 즉 세대당 316,781달러에 판매되었습니다. IPA의 Joseph Grabiec, Kevin Green 및 Gregory Harris는 판매자의 대리인으로 활동하며 구매자인 The GPI Companies를 확보했습니다.
The Lofts at Noho Commons는 2006년에 건설되었으며, 237개의 로프트, 41개의 침실 1개 유닛 및 14개의 생활/작업 로프트를 제공합니다. 이 자산은 900만 달러 상당의 최근 개조를 거쳤으며, 여기에는 시장 가격 유닛의 85%에 대한 내부 업데이트, 새로운 벽화, 간판, 조경 개선 및 전기차 충전소가 포함됩니다. 편의 시설로는 올림픽 크기의 수영장, 소셜 라운지, 영화관, 피트니스 센터 및 공동 작업 공간이 포함됩니다.
Institutional Property Advisors (IPA), une division de Marcus & Millichap (NYSE:MMI), a annoncé la vente de The Lofts at Noho Commons, une propriété multifamiliale de 292 unités dans le NoHo Arts District de Los Angeles. La propriété a été vendue pour 92,5 millions de dollars, soit 316.781 dollars par unité. Joseph Grabiec, Kevin Green et Gregory Harris d'IPA ont représenté le vendeur et ont trouvé l'acheteur, The GPI Companies.
The Lofts at Noho Commons, construit en 2006, comprend 237 lofts, 41 unités d'une chambre et 14 lofts de travail/vie. La propriété a subi 9 millions de dollars de rénovations récentes, y compris des mises à jour intérieures pour 85% des unités au prix du marché, de nouvelles fresques, de la signalisation, des améliorations paysagères et des stations de recharge pour véhicules électriques. Les commodités comprennent une piscine olympique, un salon social, un cinéma, un centre de remise en forme et des espaces de coworking.
Institutional Property Advisors (IPA), eine Abteilung von Marcus & Millichap (NYSE:MMI), hat den Verkauf der The Lofts at Noho Commons angekündigt, einer 292-Einheiten-Wohnanlage im NoHo Arts District von Los Angeles. Die Immobilie wurde für 92,5 Millionen Dollar verkauft, was 316.781 Dollar pro Einheit entspricht. Joseph Grabiec, Kevin Green und Gregory Harris von IPA vertraten den Verkäufer und fanden den Käufer, die GPI Companies.
The Lofts at Noho Commons, das 2006 erbaut wurde, verfügt über 237 Lofts, 41 Ein-Zimmer-Einheiten und 14 Wohn-/Arbeitslofts. Die Immobilie erhielt 9 Millionen Dollar an jüngsten Verbesserungen, einschließlich Innenrenovierungen für 85 % der marktgerechten Einheiten, neue Wandmalereien, Beschilderungen, Landschaftsgestaltungen und Ladestationen für E-Fahrzeuge. Zu den Annehmlichkeiten gehören ein olympischer Swimmingpool, eine Lounge, ein Kino, ein Fitnesscenter und Coworking-Spaces.
- Sale of The Lofts at Noho Commons for $92.5 million, indicating strong market demand
- Recent $9 million in property upgrades, potentially increasing property value
- Strategic location near major employers and entertainment industry hubs
- None.
Insights
The
Key factors driving this valuation include:
- Prime location near major entertainment industry employers
- Recent
$9 million in property upgrades - High-demand amenities catering to modern urban professionals
For Marcus & Millichap (MMI), this transaction showcases their ability to broker high-value deals in competitive markets. It reinforces their position in the institutional property advisory space and could positively impact their revenue and market share in the commercial real estate sector.
Investors should note that while this single transaction may not significantly affect MMI's overall financial performance, it demonstrates the company's continued execution in a challenging real estate market, potentially supporting long-term growth prospects.
This transaction, while substantial, should be viewed in the context of Marcus & Millichap's (MMI) overall operations. In 2023, MMI closed 7,546 transactions with a total sales volume of approximately
However, the deal's significance lies in its potential to:
- Enhance MMI's reputation in handling large, complex transactions
- Strengthen relationships with institutional clients
- Potentially lead to future high-value deals
Investors should monitor MMI's ability to maintain or increase transaction volumes and average deal sizes, as these metrics directly impact the company's revenue and profitability. The company's extensive network of 1,783 professionals across 80+ offices positions it well to capitalize on market opportunities, but it's important to watch for any shifts in the commercial real estate market that could affect deal flow.
“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,” said Joseph Grabiec, IPA executive managing director. Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, a joint venture partnership, and procured the buyer, The GPI Companies.
Lofts at NoHo Commons is located within walking distance of popular dining, entertainment, and nightlife destinations along Lankershim Boulevard. It offers easy access to major thoroughfares like the Hollywood Freeway, U.S. Highway 101, Ventura Freeway, and Interstate 5.
Constructed in 2006, The Lofts at NoHo Commons has 237 lofts, 41 one-bedroom units, and 14 live/work lofts. Recent upgrades total
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout
View source version on businesswire.com: https://www.businesswire.com/news/home/20241016814482/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.
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