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Cityview, Wafra Acquire Newly Built Apartments in Silver Lake
A partnership of Cityview and Wafra has acquired Silva, a newly constructed 221-unit, Class A multifamily community in the Silver Lake neighborhood of Northeast Los Angeles. The purchase price was not disclosed. Located at 235 N. Hoover St., Silva reportedly 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 its temporary certificate of occupancy. Cityview and Wafra will lease it up as construction is finalized.
“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. He added that the property represents “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.”
Chris Tresp and Derrek Ostrzyzek at CBRE brokered the transaction.
- ◦Sale/Acquisition
