Northmarq brokers $5.25M sale of 105-unit Silver Lake development site in Los Angeles

LOS ANGELES — Northmarq's Los Angeles Investment Sales team of Mike Hanassab, Steven Goldstein and Elliot Hassan arranged the $5.25 million sale of Hyperion Residences, a three-parcel development site located in Los Angeles' Silver Lake neighborhood at 835 North Hyperion Avenue.

Northmarq represented the seller, Hyperion Apartments LP, in the transaction. The buyer is a locally based affordable housing developer focused on serving families and youth in need.

“Silver Lake remains one of Los Angeles' most entitlement-constrained corridors, and sites that pencil for Executive Directive 1 projects are increasingly sought after,” said Hanassab. “The buyer recognized the deeper opportunity and moved swiftly to re-entitle the parcels during escrow, bringing their basis to roughly $50,000 per buildable unit — an exceptional outcome for both parties.”

The site was delivered fully entitled and Ready-to-Issue for a six-story, approximately 54-unit project under Transit Oriented Communities Tier 3. During escrow, the buyer leveraged Executive Directive 1 to re-entitle the parcels for 105 units, increasing density and reducing per-unit cost significantly. The community is now under construction as a mixed-income development serving families at 30 to 80% of area median income.

Silver Lake is one of Los Angeles' most supply-constrained and sought-after neighborhoods, with limited land availability and high barriers to new development making entitled sites particularly valuable for developers pursuing affordable and workforce housing strategies.