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7/14/26
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Hyperion Residences, a three-parcel development site located in Los Angeles' Silver Lake neighborhood, sold in a recent $5.25 mil deal. The property, located at 835 North Hyperion Ave, was sold by Hyperion Apartments LP.
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.
Mike Hanassab, Steven Goldstein and Elliot Hassan with Northmarq represented the seller 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.”
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.
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