75.2 F
Los Angeles
Monday, Jul 4, 2022

South Gate Apartments Sell for $130M

Standard Communities, the affordable housing division of Standard Cos., has purchased a luxury multifamily property in South Gate for $130 million.
The building, known as Jefferson SoLA, has 244 units. It is located at 10930 Garfield Ave.
The property’s amenities include a pool and spa, outdoor grilling area, fitness lounge, clubhouse and dog park.

Jefferson SoLA is the only luxury rental option in the area, according to CBRE Group Inc. CBRE’s Dean Zander and Stew Weston handled the sale.
“Jefferson SoLA is well positioned to take advantage of the demand for newer and luxury housing that has been sorely lacking in the Los Angeles County south cities,” Zander said in a statement. “The location, combined with the scope and quality of the asset, were a huge draw for the new owner.”

The project was completed in November and roughly 50% leased at the time of the sale.Standard expects to stabilize the asset by the end of the year.
“The complex is a best-in-class, pride-of-ownership asset that proved extremely attractive to area investors,” Weston said in a statement. “Prospective buyers also recognized the potential of the ‘gateway city’ location with over 4 million jobs within a 20-mile radius.”

Standard Communities has a portfolio of 14,500, units with more than 4,800 units in California.
And the company has been busy in L.A. Earlier this year it led a public-private partnership in acquiring the 130-unit The Crescent at West Hollywood Apartments for $100 million in total capitalization.

Standard purchased the property as part of its Standard-Faring Essential Housing joint venture, which creates middle-income housing. Also this year, Standard bought the 230-unit Millenium South Bay Apartments for $140 million, again part of a public-private partnership. At the time, the company allocated nearly $18 million to support the property’s operations.

Paola Mendez
Paola Mendez
Paola Mendez graduated from Los Angeles Valley College, then transferred to University of California, and now serves as a Receptionist and Office Assistant to the Los Angeles Business Journal. Paola wears many hats in different departments and is trilingual in English, Spanish and French.

Featured Articles

Related Articles