Standard Communities Buys Multifamily Complex in California for $130M
Standard Communities has acquired Jefferson SoLA, a newly built 244-unit luxury multifamily complex in South Gate, Calif., for $130 million, Commercial Observer has learned. The City of South Gate sold the asset, according to property records.
CBRE (CBRE)’s Dean Zander and Stew Weston brokered the sale. The deal marks the duo’s second $130 million sale to Standard, the first being the 349-unit Monterey Station in Pomona, Calif., in December 2021.
Located at 10930 Garfield Avenue in South Gate, about 15 miles from downtown Los Angeles, the multifamily complex was completed in November 2021 and was approximately 50 percent leased at the time of sale. Standard expects the asset to reach full stabilization by the end of the year, according to a prepared statement from CBRE.
“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. “The location, combined with the scope and quality of the asset, were a huge draw for the new owner.”
The apartment complex’s amenities include a pool and spa with cabanas; gourmet grilling stations with indoor/outdoor seating; a fitness lounge with state-of-the-art equipment and a yoga/spin room; a double-height clubhouse with media wall and game area; a private conference center and coffee lounge; package locker service; a dog park and dog wash; a bicycle center; and multiple courtyards with fireplaces and fire pits.
Officials at Standard Communities did not immediately respond to a request for comment.
Emily Fu can be reached at email@example.com.