JLL Capital Market represented Helio Group in securing acquisition financing for Cobalt Apartments
News release
05 March 2024
Acquisition financing arranged for a 135-unit apartment asset in Culver City, California
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LOS ANGELES, Mar. 5, 2024 – JLL Capital Markets announced today 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 property sits on an 0.89-acre parcel along Washington Blvd, 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 provides 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.
The JLL Capital Markets team was led by Senior Managing Director Jeff Sause, Director Chad Morgan and Analyst Jacob Michael.
“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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.