Greystar Sells Culver City Property

Sony Pictures Studios is a neighbor of the five-year-old community.

Helio Group has bought Cobalt Apartments, a 135-unit, partially affordable multifamily asset in Culver City, Calif., in L.A. County. The seller was Greystar, which was represented by Institutional Property Advisors.

Harbor Group International previously provided $55 million in permanent financing in 2021, which retired the $48.4 million construction loan originated by JPMorgan Chase, according to Yardi Matrix data.

Located at 10601 Washington Blvd., the 2019-completed Cobalt Apartments is at the intersection of Washington Boulevard and Overland Avenue. Residents have access to a large number of nearby shopping, dining and entertainment options provided by destinations such as The Platform, Westfield Mall or HHLA, all located within a 4-mile radius.

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The property’s ground floor also houses 14,754 square feet of retail space. Rental unit floorplans include studio, one- and two-bedroom units between 633 and 1,263 square feet. All apartments have stackable washers and dryers, stainless-steel appliances and vinyl-plank flooring, with select units featuring private patios or balconies and walk-in or linen closets. Common-area amenities comprise a clubroom, a fitness center, a swimming pool, a spa and two lounges. Eleven of the property’s units are designated as affordable.

Institutional Property Advisors Executive Managing Directors of investments Kevin Green and Gregory Harris, alongside Executive Director Joseph Grabiec, represented the seller and procured the buyer.

Culver City’s dynamic multifamily market

In prepared remarks, Green and Grabiec underscored the difficulties in developing apartment buildings in the city despite steady demand. The relatively large Culver City submarket as a whole has just nine properties currently under construction, totaling some 820 units slated to come online by the end of 2025, according to Yardi Matrix data.

Helio’s Greater L.A. footprint is all concentrated in Culver City. Beyond Cobalt Apartments, the firm also owns another three recently completed communities of more than 50 units, adding up to 374 units, according to the same data provider.

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