Cityview & Wafra Acquire Newly Constructed 221-Unit Multifamily Project in Silver Lake
05 Agosto 2024 - 12:00PM
Cityview, a premier multifamily investment management and
development firm, and Wafra, a global alternative investment
manager, have acquired Silva, a newly constructed 221-unit, Class A
multifamily community in the Silver Lake neighborhood of Northeast
Los Angeles. Situated on a hilltop that provides 360-degree views
of the city, Silva is the first institutional grade multifamily
asset of its size delivered in the Silver Lake/Echo Park
neighborhoods.
Silva is currently unleased and recently achieved Temporary
Certificate of Occupancy. Cityview and Wafra will lease up the
community as construction is finalized and Certificate of Occupancy
is obtained.
“Silva is a rare opportunity to acquire a newly constructed
Class A property in one of Los Angeles’ most desired and centrally
located submarkets,” said Sean Burton, CEO of Cityview. “Cityview
has delivered and leased up three other development projects near
the area over the past year, giving us deep market knowledge and
experienced onsite teams that ideally position us to lease up and
manage the community alongside Wafra, a trusted partner of
Cityview.”
“Silva represents a unique opportunity to acquire a high-quality
asset at a material discount to replacement cost in a market that
has some of the nation’s highest barriers to home ownership and is
chronically underserved by rental apartments,” said David Hamm,
Head of Real Estate at Wafra. “We are excited to partner on this
transaction with the highly talented and respected team at
Cityview.”
Silva features top-of-the-line amenities including a spacious
sky lounge that offers coworking space and a large deck with
panoramic views, a resort-style pool and spa overlooking the
Hollywood sign, a club room with arcade games and a private
screening room, and programmatic outdoor space. A double-height
fitness center features state-of-the-art equipment and storefront
glass on two sides, while outdoor dining areas with firepits and
BBQs are scattered throughout the property. Additional amenities
include a dog run and green space, secure storage areas and EV
charging stations.
The community offers expansive studio, one-, two-, and
three-bedroom floor plans with elevated interior finishes including
nine-foot ceilings and floor-to-ceiling windows that highlight
views of Downtown Los Angeles, Griffith Park Observatory, the
Hollywood Sign and the Santa Monica Mountains. The project’s
designer kitchens feature quartz countertops, high-end fixtures and
appliances and full-height tile backsplashes. All floorplans
include full-size, front-loading washer and dryers and smart
thermostats, and most units offer large walk-in closets and private
oversized balconies or patios. The units average 1,000 square feet,
providing ample space for residents to work from home or
entertain.
“Silva is one of the few 200+ unit multifamily communities ever
to deliver in this pocket of the city, making it an incredibly
unique investment opportunity hard to replicate due to the area’s
high barriers to entry and lack of developable land,” added
Burton.
Located at 235 N Hoover Street, Silva is situated less than a
mile from the 101 Freeway and the Vermont/Beverly Metro station,
providing easy access to the nearby employment hubs of Downtown Los
Angeles, Hollywood, Century City and Santa Monica as well as the
Tri-Cities area of Burbank, Glendale and Pasadena. The community is
ideally located at the center of some of Los Angeles’ most dynamic
neighborhoods, including Silver Lake, Historic Filipinotown, Echo
Park, East Hollywood and Koreatown.
Chris Tresp and Derrek Ostrzyzek at CBRE brokered the
transaction. Westhome, an affiliate of Cityview, will serve as the
property manager.
About CityviewFounded in 2003, Cityview is a
vertically integrated real estate investment management and
development firm focused on multifamily housing in gateway markets
in the Western U.S. Specializing in developing, acquiring, and
operating opportunistic and value-add multifamily projects,
Cityview creates sustainable housing options in transforming areas,
changing cities into communities, people into neighbors and houses
into homes. Cityview has invested in more than 130 projects to
date. For more information, visit cityview.com.
About WafraWafra is a global alternative
investment manager with approximately $30 billion of assets under
management across a range of alternative assets, including real
estate, strategic partnerships and real assets. By providing
flexible and accretive capital solutions and focusing on long-term
partnerships, Wafra aligns and partners with high quality asset
owners, companies, and management teams. Headquartered in New York,
Wafra has additional offices in London and Bermuda. For more
information, please visit www.wafra.com.
Media Contact:
Jade TerrySenior Communications Manager,
Cityviewjterry@cityview.com512-415-6923