Silver Lake Development Parcel Increases Density Through Re-Entitlement
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 at 835 N. Hyperion Ave. in Los Angeles’ Silver Lake neighborhood. Northmarq represented the seller, Hyperion Apartments LP. The buyer is a locally based affordable housing developer.
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.
“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.”
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