Cityview and Wafra Elevate Urban Living with Acquisition of Silva in Silver Lake
Cityview and Wafra have recently announced their acquisition of Silva, a sophisticated 221-unit Class A multifamily community perfectly perched atop a hill in Silver Lake. This acquisition marks a significant addition to both firms’ portfolios and emphasizes their continued commitment to developing high-quality living spaces in sought-after locations.
The allure of Silva extends beyond its impressive address; the community offers residents a 360-degree view of Los Angeles, fostering a sense of luxury and exclusivity that is rare in such a central submarket. This property, being the first of its magnitude to grace the neighborhoods of Silver Lake and Echo Park, has set a new benchmark for institutional grade multifamily assets in the area.
Cityview brings formidable expertise to the table, possessing a track record of successful developments in the vicinity. This is aptly captured by Sean Burton, CEO of Cityview, who commented, “Cityview has delivered and leased up three other development projects near the area over the past year, giving us deep market knowledge and experienced onsite teams that ideally position us to lease up and manage the community alongside Wafra, a trusted partner of Cityview.”
Wafra’s enthusiasm for the partnership is echoed by David Hamm, Head of Real Estate, who stated, “Silva represents a unique opportunity to acquire a high-quality asset at a material discount to replacement cost in a market that has some of the nation’s highest barriers to home ownership and is chronically underserved by rental apartments.”
Silva is not just another luxurious abode; its wide array of top-tier amenities and distinctive features, such as spacious sky lounges, resort-style pools, smart home technologies, and expansive floor plans, reflect a deep understanding of the modern renter’s needs and aspirations. Every element is designed with an elevated lifestyle in mind.
Furthermore, Silva’s prime location, just moments away from diverse neighborhoods and key urban employment hubs, provides unparalleled convenience to its residents, affirming the community’s centrality to Los Angeles’ vibrant way of life.
Cityview and Wafra’s partnership and strategic acquisition of Silva is more than a business move—it is a statement of their joint vision to craft living spaces that reimagine the notion of community living, serving as a beacon for future development in high-demand urban landscapes. The Multifamily Leadership community keeps its eyes peeled as Silva sets a new standard for Class A living spaces, melding modern luxury with the energetic pulse of Los Angeles.