JLL Capital Markets announced that it secured acquisition financing for Cobalt Apartments, a 135-unit multi-housing asset with 14,754 square feet of ground floor retail in Culver City, California.
JLL represented the buyer, Helio Group, in securing a $40 million loan from a regional bank. The JLL Capital Markets team was led by Senior Managing Director Jeff Sause, Director Chad Morgan and Analyst Jacob Michael.
The property sits on an 0.89-acre parcel along Washington Boulevard, across the street from Sony Pictures Studios near interstates 10 and 405, which provide access to the entire Los Angeles metropolitan area. Residents are within a 15-minute walk of the Palms Station Expo Line, which allows regional transportation optionality, connecting residents to Santa Monica, the San Fernando Valley, Long Beach and Pasadena.
Culver City has emerged as a highly desirable apartment market thanks to its unparalleled quality of life, convenient location near regional attractions and recreational areas and diverse range of employment opportunities. Prominent employers like Google, Apple, Facebook, Amazon, Hulu, Sony Pictures, Buzzfeed and Riot Games are all within close proximity. Residents also enjoy the convenience of The Platform in Downtown Culver City, Westfield Culver City and the vibrant open-air shopping and entertainment center known as HHLA.
“We are very excited to grow our portfolio of Helio branded and managed Class-A assets in West Los Angeles with the acquisition of Cobalt Apartments. This year, Helio Group will deliver over 300 units to the Culver City market via our nearby Venue Apartments and Arya Apartments with more projects in the development pipeline. Cobalt signifies a new milestone for our local presence as we look to acquire more newly built, Class-A assets in our target markets,” said Sam Mostadim, Principal of Helio Group.
