Updated Dec 4, 2024
Cityview And Wafra Acquire 221-Unit Multifamily Community In Silver Lake For $110 Million
235 North Hoover Street
$110,000,000
Units
221
Asset Type
MultiFamily
Closing
Aug 13, 2024
About this deal
AI
The property involved in this transaction is a newly constructed 221-unit Class A multifamily community situated at 235 North Hoover Street in Silver Lake, Los Angeles. The asset was sold for $110,250,000, translating to a price per unit of $497,738. The property was unleased at the time of sale.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $110,250,000
- Address: 235 North Hoover Street
- Market: Los Angeles
- Units: 221
- Price Per Unit: $497,738
- Buyer: Sean Burton - Cityview; David Hamm - Wafra
- Broker: Christopher Tresp & Derrek Ostrzyzek - Berkadia
Cityview and Wafra will be responsible for leasing and managing the property as construction concludes. The seller was an entity affiliated with Gemdale USA.
On the Map
$110,000,000
MultiFamily
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Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93