Helio Group Lands $92M for LA Luxury Project
The transaction was brokered by JLL.
Developer Helio Group has obtained a $92 million construction loan for Aston Residences, a 190-unit luxury project in Los Angeles’ Culver City suburb. Affinius Capital originated the note in a deal brokered by JLL Senior Managing Director Jeff Sause. The development is scheduled for completion in the first quarter of 2028.
Aston Residences will rise eight stories at 10505 Washington Blvd. Along with 160 one-bedroom and 30 two-bedroom units, the development will also feature 5,200 square feet of retail space on the ground floor. Shared amenities are to include a fitness room, a pickleball court, bicycle parking, an outdoor kitchen and a clubroom.
The site is just off California State Route 187, near interstates 10 and 405.
Southern California Hospital at Culver City, as well as Culver City shopping mall are within half-a-mile east, respectively west. Downtown Los Angeles is 12 miles east.
LA’s pipeline shows signs of a slowdown
As of July, there were 727 multifamily properties in all stages of development across metro Los Angeles, amounting to more than 125,500 units, according to Yardi Matrix information. The under-construction pipeline included some 14,850 apartments.
During the first four months of the year, completions in the metro slowed down, accounting for 0.6 percent of existing stock, or 2,924 units, a recent Yardi Matrix report shows. A total of 11,000 units are expected to come online this year, according to the same data provider, in line with the average recorded since 2017.
