Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Lofts at Noho Commons, a 292-unit multifamily property in Los Angeles, California.
The asset traded for $92.5 million, equating to $316,781 per unit, showcasing strong investor interest in prime urban locations. The property's proximity to major employers like CBS Studio Center and Universal Studios enhances its appeal to entertainment professionals.
Recent upgrades totaling $9 million, including interior updates to 85% of market-rate units and new amenities, contributed to the property's value. This transaction underscores IPA's expertise in facilitating significant multifamily sales in competitive markets.
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