Local Affordable Housing Developer Acquires Development Site On North Hyperion Avenue For $5.25M

The transaction involves a development site located at 835 North Hyperion Avenue in Los Angeles, California. The asset consists of three parcels previously entitled for a 54-unit approved project, which has since been re-entitled for a 105-unit mixed-income development. The sale price for this property was $5,250,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $5,250,000
• Seller: Hyperion Apartments LP
• Market: Los Angeles, CA
• Brokers: Mike Hanassab, Steven Goldstein & Elliot Hassan - NorthMarq

NorthMarq facilitated the sale of the Hyperion Residences to a local affordable housing developer. During the escrow period, the buyer successfully navigated the re-entitlement process, transitioning the project's initial approval to accommodate a larger, mixed-income development, which is currently under construction.