X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.