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3121 Michelson Drive, Suite 400
Irvine, CA 92612
Investment Team
Irvine Office
CONTACT Info
KENJI THOMAS
Associate Director
310.895.3020
Kenji.Thomas@berkadia.com
CA BRE #02168781
CHRIS TRESP
Director
Chris.Tresp@berkadia.com
323.916.3310
CA BRE #01846401
DERREK OSTRZYZEK
Managing Director
Derrek.Ostrzyzek@berkadia.com
310.924.9348
CA BRE #01984295
MIKE MURPHY
Senior Director
Mike.Murphy@berkadia.com
714.318.3978
CA BRE #01241878
RACHEL PARSONS
Senior Managing Director
Rachel.Parsons@berkadia.com
858.945.0992
CA BRE #01335449
PHOTO GALLERY
The OPPORTUNITY
Berkadia Institutional Solutions, as exclusive advisor, is pleased to present the opportunity to acquire Silva (the “Property”), a 221-unit, soon-to-be completed Class A multifamily asset nestled within the urban enclave of Silver Lake. Silva’s hilltop perch commands panoramic views of Los Angeles and the asset is located at the intersection of some of the most dynamic neighborhoods in Los Angeles including Silver Lake, Echo Park, Koreatown, and East Hollywood. In what has historically been a high-barrier-to-entry rental market comprised of boutique properties and dominated by local investors, Silva marks the first ever institutional-grade multifamily asset of significant scale delivered within the Silver Lake/Echo Park submarkets. Silva represents a very rare opportunity to acquire a best-in-class asset that will forever be uncontested in one of LA’s hippest neighborhoods that is centrally located, proximate to prominent employment hubs, and poised for consistent growth.
3.9 miles to Davison Country Club
4.5 miles to Highly Rated Davison High School
9.1 miles to Hurley Medical Center
9.5 miles to University of Michigan – Flint Campus
12.1 miles to GM - Flint
12.5 miles to Bishop International Airport
13.5 miles to Ascension Genesys Hospital – Flint
13.5 miles to Ascension Health Park – Grand Blanc
Property Description
Modern design, essential amenities, and spacious open floor plans make up the highly desirable townhomes at The Summit. The 62-unit, one-story townhome community offers easy accessibility to I-69, I-75, and I-475, allowing for a short drive to downtown districts, dining, shopping, scenic riverfront parks and hiking trails, nearby colleges and universities, and local hospitals.
With construction completed in 2022, 32 buildings are situated on 14 acres in a beautifully maintained, tree-lined community surrounded by greenery. The three-bedroom, two-bath townhomes feature a fully equipped kitchen with stainless steel appliances, abundant cabinet space, and granite countertops. The spacious open floor plans with large windows allow for plenty of natural light with unparalleled unit amenities including LVT flooring, washer / dryer connections, walk-in closets, private entries, and an attached two-car garage. With every unit having its own walkout basement, options for additional living space and storage are plentiful. Residents can enjoy outdoor access to their own yard with beautiful water views.
[CEROS OBJECT]
Investment Highlights
Silva benefits greatly from its position on the hilltop land upon which it was built—above the coveted neighborhoods Silver Lake and Echo Park with views overlooking all of Los Angeles. The asset not only taps into the vibrancy from these neighborhoods, but benefits from superior accessibility to transit given its direct access to the 101 freeway. The asset also is accessible to the culturally and food-rich enclave of Koreatown, which has blossomed into a go-to culinary and nightlife destination for Angelenos throughout the county. Proximity to LA’s most eclectic nightlife & social lifestyle scene is unmatched for Silva.
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Exclusive Micro Location
1
Silva is a high-quality brand-new construction asset with an average unit size of 998 square feet, an ideal living option for today’s post-pandemic renter who is in search of more space, comprehensive common area amenities, and proximity to work. Furthermore, the density at Silva is over 30% less than the competitive set average.
2
Low-Density Luxury Living with Differentiated Floor Plans
[CEROS OBJECT]
There are just 658 units currently under construction in the Northeast Los Angeles (Silverlake/Echo Park/Eagle Rock/Highland Park) region. This is due in large part to lack of developable land and high barriers to entry. In comparison, there are currently under construction in other submarkets 1,885 units in Koreatown/Westlake, 1,339 units in Hollywood/East Hollywood, and 3,295 units in Downtown Los Angeles.
3
Minimal Future Competing Supply
The average home sale price in the area has increased 23% over the past five years, with the current average home price in the $1.4M range, reflecting a monthly payment of ±$8,225, which is well over twice as much the cost of rents applicable to Silva.
4
Significant Discount to Home Ownership
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235 N. Hoover Street, Los Angeles, CA 90004
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