Multifamily investment management and development firm Cityview and global alternative investment Wafra have acquired Silva, a newly constructed 221-unit, Class A multifamily community at 235 North Hoover St. 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 its Temporary Certificate of Occupancy. Cityview and Wafra will lease up the community as construction is finalized and a 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 features top-of-the-line amenities including a 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 storefront glass on two sides, while outdoor dining areas with firepits and barbecues are scattered throughout the property. Additional amenities include a dog run and green space, secure storage areas and EV charging stations.
“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.”
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 floor plans 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.
Chris Tresp and Derrek Ostrzyzek at CBRE brokered the transaction. Westhome, an affiliate of Cityview, will serve as the property manager.
