LOS ANGELES, Aug. 05, 2024 (GLOBE NEWSWIRE) — 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 Cityview
Founded 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 Wafra
Wafra 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 Terry
Senior Communications Manager, Cityview
[email protected]
512-415-6923
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