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Helio Group buys Culver City multifamily from Greystar for $68M
Price for high-rent complex comes out to more than $500K per unit
Helio Group, an investment firm run by Simon Lazar and Sam Mostadim, have bought an apartment complex in Culver City for $67.7 million, according to property records.
Greystar sold the 135-unit property, named the Cobalt Apartments, located at 10601 Washington Boulevard, records show. Marcus & Millichap’s Institutional Property Advisors brokered and announced the deal earlier this month, but declined to disclose a price.
The deal came out to about $502,000 per unit. No loan was recorded in connection with Helio’s purchase, according to records.
The sale was subject to the City of Los Angeles’ Measure ULA tax, which came out to $3.7 million on the deal, according to the deed.
Greystar bought the complex for $23.4 million in 2014, or about $173,000 per unit, using a loan from JPMorgan Chase Bank.
The building is right across the street from where Helio plans to build a 184-unit complex — the firm bought a former Globecast building for the development last year.
Rents at Cobalt range from $3,095 for a one-bedroom, 555-square-foot unit to $4,595 for a two-bedroom, 1,105-square-foot unit, according to online listings for the property.
The median rent for a one-bedroom apartment in Culver City is $2,395 a month, according to Zumper, down 11 percent from February last year.
The sale is in line with recent multifamily sales in the city of Los Angeles. Last month, FPA Multifamily bought three buildings from Neil Shekhter’s WS Communities for about $429,000 per unit.