Institutional Property Advisors Closes Los Angeles Multifamily Asset Sale
February 15, 2024
LOS ANGELES, Calif., Feb. 14, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today 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, California.
“Cobalt Apartments is the sole core multifamily property to sell in Los Angeles County in the past 12 months,” said Kevin Green, IPA executive managing director investments. “It is notoriously difficult to develop apartment buildings in West LA-Culver City despite significant undersupply and overwhelming demand.” Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, Greystar, and procured the buyer, Helio Group. “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,” said Grabiec. “This new supply will at best meet latent demand for housing in the submarket.”
The property is located at the intersection of Washington Boulevard and Overland Avenue, across the street from Sony Pictures Studios near interstates 10 and 405, which provide access to the entire Los Angeles metropolitan area. 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. Shopping is close by at The Platform in Downtown Culver City, Westfield Culver City, and the open-air shopping and entertainment center, HHLA.
Built in 2019, amenities at Cobalt Apartments include a clubroom, fitness center, resort-inspired heated pool and spa, two open-air lounges, gated covered parking, and bike storage. Apartments have stackable washers and dryers, stainless-steel appliances and vinyl-plank flooring. Select units have large private patios or balconies, walk-in closets, and linen closets. The average unit size is 854 square feet.
“Cobalt Apartments is the sole core multifamily property to sell in Los Angeles County in the past 12 months,” said Kevin Green, IPA executive managing director investments. “It is notoriously difficult to develop apartment buildings in West LA-Culver City despite significant undersupply and overwhelming demand.” Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, Greystar, and procured the buyer, Helio Group. “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,” said Grabiec. “This new supply will at best meet latent demand for housing in the submarket.”
The property is located at the intersection of Washington Boulevard and Overland Avenue, across the street from Sony Pictures Studios near interstates 10 and 405, which provide access to the entire Los Angeles metropolitan area. 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. Shopping is close by at The Platform in Downtown Culver City, Westfield Culver City, and the open-air shopping and entertainment center, HHLA.
Built in 2019, amenities at Cobalt Apartments include a clubroom, fitness center, resort-inspired heated pool and spa, two open-air lounges, gated covered parking, and bike storage. Apartments have stackable washers and dryers, stainless-steel appliances and vinyl-plank flooring. Select units have large private patios or balconies, walk-in closets, and linen closets. The average unit size is 854 square feet.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.