JLL Capital Markets secured acquisition financing for Cobalt Apartments, a 135-unit rental apartment property with 14,754 square feet of ground-floor retail in Culver City. A JLL team led by senior managing director Jeff Sause, director Chad Morgan and analyst Jacob Michael. represented the buyer, Helio Group, in securing a $40-million loan from a regional bank.
“We are very excited to grow our portfolio of Helio branded and managed Class-A assets in West Los Angeles with the acquisition of Cobalt Apartments,” said Sam Mostadim, principal of Helio Group. “This year, Helio Group will deliver over 300 units to the Culver City market via our nearby Venue Apartments and Arya Apartments with more projects in the development pipeline. Cobalt signifies a new milestone for our local presence as we look to acquire more newly built, Class-A assets in our target markets.”
Connect CRE previously reported that the seller of Cobalt was Greystar, which was represented by the Institutional Property Advisors team of Kevin Green, Joseph Grabiec and Gregory Harris.
On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.
