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3/06/24
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Helio Group recently purchased Cobalt Apartments, a 135-unit multi-housing asset with 14.8k sf of ground floor retail in Culver City, for about $68 mil. The deal was financed with an acquisition loan of $40 mil from a regional bank.
The property sits on just under one acre at 10601 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 allows regional transportation optionality, connecting residents to Santa Monica, the San Fernando Valley, Long Beach and Pasadena.
Amenities at Cobalt include: complimentary WiFi in common areas, outdoor gourmet BBQs, outdoor lounge seating, TV and fireplace, poolside cabanas, state-of-the-art fitness center, two open air lounges and ground-level retail. Unit amenities include full stainless steel appliance package with gas cooking, full tile kitchen backsplash, walk-in closets and in-unit washer/dryers.
Jeff Sause, Chad Morgan and Jacob Michael with JLL Capital Markets repped the buyer in the financing transaction.
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.
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