Investors Plan Condos at $22M Complex

BURBANK, CA-Chicago-based Silverstone Communities has acquired the 82-unit Park Place apartment complex in the Media Center District for $22 million and plans to convert the property to condominiums, according to Moran & Co.

Silverstone was one of a number of prospective buyers who found the complex appealing because of its repositioning potential, according to Mary Ann King, president of the West Coast office of Chicago-based Moran & Co., which brokered the sale.

King, who represented the seller along with partner Scott Davis, comments that prospective buyers "were all aware that they would have a head start on repositioning this property because of all the work done by the seller." Silverstone bought the property from R.W. Selby of Los Angeles, which completed a number of upgrades and renovations, King notes.

In addition, the property comes with an approved vesting tentative condo tract map from the city, with final tract maps under review. Investors were also drawn to Park Place because of its location within a high-end employment area and because the condominiums will offer buyers an affordable alternative in a market dominated by relatively expensive homes, King adds.

Park Place, at 355 N. Maple St., is near employers such as Warner Brothers, Disney, ABC and NBC, with estimated median wages at the studios of more than $100,000. The median home price surrounding Park Place is nearly $750,000.

Silverstone plans to market the condominium complex under a new name, Entourage. "We see a real sweet spot for high-quality, moderately-priced homes in the $300,000 to $500,000 range," says William Fanning, president of the Southern California division of Silverstone Communities.

Built in 1985, the four-building Park Place complex comprises 16 studios; 18 one-bedroom, one-bath units, 32 townhome-style units with one and a half baths; and 16 two-bedroom, two-bath units. The units range from 500 sf to 1,000 sf.