Cityview And Wafra Acquire 221-Unit Multifamily Community In Silver Lake For $110 Million

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.