Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently facilitated the sale of Cobalt Apartments in the highly sought-after West Los Angeles-Culver City area. The multifamily property, which also features 14,754 square feet of ground-floor retail space, was sold for an undisclosed amount. IPA’s team consisting of Kevin Green, Joseph Grabiec and Gregory Harris acted as representatives for the seller Greystar and successfully procured Helio Group as the buyer.
According to Green, “Cobalt Apartments is currently the only core multifamily property that has been sold in Los Angeles County within the past year.” He further explains that despite high demand and limited supply in this submarket area, it is notoriously challenging to develop apartment buildings here.
Grabiec adds valuable insight by stating that there are only 334 units scheduled to be completed within three years in this immediate vicinity. This number pales in comparison to a staggering 2.6 million square feet worth of office development planned during this same period. As he points out,”This new supply will barely meet even latent housing demands.”
Built just two years ago,in 2019,Cobalt boasts an enviable location at Washington Boulevard and Overland Avenue – right across from Sony Pictures Studios near major interstates like I-10and I-405.The LA Metro system’s Palms station is conveniently located nearby,and top employers such as Google ,Apple ,Facebook ,Amazon,Hulu,Sony Pictures,Buzzfeed,and Riot Games are all situated close by.
The post highlights how Greystar successfully traded their core multifamily asset located at West LA-Culver City -an undersupplied market with immense potential for growth.This transaction marks yet another successful deal closed by IPA,a leading player known for its expertise,knowledge,and experience when it comes to commercial real estate transactions.
