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Multifamily developer and owner JPI sold its 244-unit Jefferson SoLA complex in South Gate to Los Angeles-based Standard Communities for $130M.
JPI completed the multifamily property in November. At the time of the sale, the property was about 50% leased. Standard expects to reach full stabilization by the end of the year.
CBRE, whose Dean Zander and Stew Weston brokered the sale, announced the sale.
Standard Communities made headlines last year as part of the very small pool of players snapping up Class-A multifamily properties in Southern California using a program that allows those units to be converted into income-restricted moderate-income housing serving those that make 80% to 120% of the median income of the area where the assets are located. Though a significant number of the units it owns are income- or rent-restricted in some way, Standard also deals in market-rate rentals such as Jefferson SoLa.
Jefferson SoLA sits at the intersection of Imperial Highway and Garfield Avenue and features amenities including a pool and spa, outdoor cooking areas, a clubhouse, a gym and a dog park.
“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,” CBRE’s Dean Zander said in a statement. “The location, combined with the scope and quality of the asset, were a huge draw for the new owner.”
Los Angeles County, like the rest of Southern California and the country, has seen rents rise in the double digits. In the first three months of this year, average LA County rents were up 12.8% over the same time the previous year, hitting $2,332.
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