JLL Capital Markets has successfully secured acquisition financing for Cobalt Apartments, a premier rental property located in the bustling city of Culver City. The property boasts 135 units and features 14,754 square feet of ground-floor retail space. Led by senior managing director Jeff Sause, director Chad Morgan and analyst Jacob Michael, the JLL team represented Helio Group as they acquired a $40-million loan from a reputable regional bank.
According to Sam Mostadim, principal of Helio Group: “We are thrilled to expand our portfolio with the addition of Cobalt Apartments in West Los Angeles. This year alone, we plan on delivering over 300 units to Culver City through our nearby Venue Apartments and Arya Apartments projects with more developments on the horizon. Acquiring Cobalt marks an important milestone for us as we continue to seek out newly built Class-A assets in our target markets.”
As previously reported by Connect CRE , Greystar was responsible for selling off Cobalt and was represented by Kevin Green’s Institutional Property Advisors team consisting of Joseph Grabiec and Gregory Harris.
The transaction marks yet another successful venture for JLL Capital Markets as they continue their streak of securing prime properties across various markets nationwide.
