Northmarq’s Los Angeles Investment Sales team arranged the $5.25 million sale of Hyperion Residences, a three-parcel multifamily development site in the Silver Lake neighborhood of Los Angeles. The property is located at 835 N. Hyperion Ave. and was sold by Hyperion Apartments LP to a locally based affordable housing developer. Northmarq represented the seller, with the team consisting of Mike Hanassab, Steven Goldstein and Elliot Hassan.
The development site was delivered to the buyer fully entitled and Ready-to-Issue for a six-story residential project of approximately 54 units under the city’s Transit Oriented Communities Tier 3 program. These entitlements allowed the buyer to step into a shovel-ready opportunity with approvals already in place for a midrise multifamily building.
During escrow, the buyer used Executive Directive 1 to re-entitle the three parcels, significantly increasing the allowable density on the site. Through this process, the project was re-approved for 105 residential units, nearly doubling the original unit count and reducing the buyer’s effective per-unit cost. The higher density was achieved without changing the stated purchase price, shifting the economics of the deal in favor of the new capital plan.
With entitlements updated under Executive Directive 1, the community is now under construction as a mixed-income development. The buyer, an affordable housing developer based in the local area, is using the expanded unit count to support its business plan, while leveraging the site’s transit-oriented location and prior TOC Tier 3 designation.
Hanassab noted that Silver Lake remains one of Los Angeles’ more entitlement-constrained corridors, elevating the value of sites that can accommodate Executive Directive 1 projects. He indicated that these types of parcels are increasingly sought after by developers capable of navigating the city’s evolving entitlement framework. According to Hanassab, the buyer moved quickly during escrow to re-entitle the site, bringing its basis to roughly $50,000 per buildable unit, which he characterized as an exceptional result for both the buyer and the seller.
The transaction highlights an investor’s ability to monetize existing entitlements while allowing a new sponsor to unlock additional density through updated city directives. It also underscores the role of policy tools such as Transit Oriented Communities incentives and Executive Directive 1 in supporting higher-density, mixed-income housing in infill Los Angeles neighborhoods like Silver Lake.
