Standard Communities Pays $130M for LA-Area Property
CBRE arranged the sale of the newly completed community.
Standard Communities has acquired Jefferson SoLA, a 244-unit luxury property in South Gate, Calif., for $130 million. Developer JPI sold the newly completed community, Yardi Matrix shows.
CBRE arranged the sale of the Class A property, which was around 50 percent occupied at the time of closing. The buyer expects to fully stabilize the property by the end of the year.
JPI broke ground on Jefferson SoLA, formerly known as Jefferson on Imperial, in March 2019 and a few months later secured an $80 million financing package for the project, which included a $60 million construction loan originated by Principal Financial Group, according to Yardi Matrix data. The property came online last November.
A luxury community
Located on more than 4 acres at 10930 Garfield Ave., the single-building property features one- to three-bedroom units with floorplans ranging from 634 to 1,408 square feet. The pet-friendly community includes a swimming pool with a sun deck and cabanas, grilling stations with seating options, a fitness center outfitted with a yoga room and a TRX system, a clubhouse, a dog park with a dog wash station as well as several courtyards, among other amenities.
Jefferson SoLA offers easy access to Interstates 710 and 105, while downtown Los Angeles is less than 15 miles away. Hollydale Regional Park is less than 2 miles away and various dining options are within walking distance.
CBRE Executive Vice Presidents Dean Zander and Stew Weston negotiated the sale. The acquisition marks the brokerage duo’s second $130 million transaction involving Standard.
In December, the California Statewide Communities Development Authority purchased Monterey Station, a 349-unit property in Pomona, Calif. Standard-Faring Essential Housing—a $2 billion joint venture formed by Standard Communities and Faring aiming to create middle-income housing across California—serves as the project administrator on behalf of CSCDA.