Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of Cobalt Apartments, a 135-unit multifamily property with 14,754 square feet of ground-floor retail in the West Los Angeles-Culver City area of Los Angeles. The sale price wasn’t disclosed. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, Greystar, and procured the buyer, Helio Group.
“Cobalt Apartments is the sole core multifamily property to sell in Los Angeles County in the past 12 months,” said Green. “It is notoriously difficult to develop apartment buildings in West LA-Culver City despite significant undersupply and overwhelming demand.”
Grabiec added, “Over the next three years, just 334 units are scheduled to be delivered in the immediate area, despite 2.6 million square feet of office development in the same period. This new supply will at best meet latent demand for housing in the submarket.”
Built in 2019, Cobalt is located at the intersection of Washington Boulevard and Overland Avenue, across the street from Sony Pictures Studios near interstates 10 and 405. The LA Metro system’s Palms station is close by and employers such as Google, Apple, Facebook, Amazon, Hulu, Sony Pictures, Buzzfeed, and Riot Games are within proximity.
