Jones & Jones buy multifamily property in bustling Culver City
The 71-unit property traded for $22M
An entity tied to Jones & Jones Management Group has purchased a multifamily property in the heart of the Fox Hills area in Culver City, which has recently been mostly defined by a plethora of headline-grabbing office deals.
The group purchased the 71-unit property for $22 million, records show. The seller was The Sheffield Apartments, which is associated with Stephen B. Shaw.
The property is located at 5800 Green Valley Circle. It was first built in 1970, and includes more than 55,100 square feet of space. Like the rest of the multifamily properties in Culver City built before 1995, the building is under a one-year, three percent rent increase cap after the city joined other area municipalities in imposing local controls earlier this month.
The Sheffield Apartments are around the block from a 4.9-acre office campus called Bristol 61 , which was recently renovated and sold for $39.2 million to Alexandria Real Estate Equities in February. The building is also on the same block as the Parkway Plaza Apartments, as well as the Pinnacle Creative Campus, which is owned by Steaven Jones Development Company.
In addition to big names like Apple and HBO, other tech and media companies have swarmed Culver City the last few years as developers build more creative office space and apartments.
Co-working firm Blackbird, which focuses on women of color, is set to open in September in Culver City at 10600 Virginia Avenue. Credit Karma is also opening a new office in One Culver at 10000 Washington Boulevard, joining WeWork at the complex. And earlier this summer, Lincoln Property Co. put one of its Culver City office properties, called Blackwelder, on the market. It is expected to garner offers around $150 million.
Jones & Jones Management Group is based in Baldwin Village near Culver City. The seller is based in Long Beach.