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CityView and PCCP recapitalize a 243-unit Los Angeles apartment deal
The $76 million purchase values the complex at about $312,757 per unit, and PCCP takes ownership of the Belle on Bev at 1800 Beverly Boulevard.
A joint venture between CityView and PCCP is recapitalizing a 243-unit apartment complex in Los Angeles’ Historic Filipinotown in a $76 million transaction, according to Commercial Observer. CityView is also the seller, transferring ownership to PCCP.
The deal values the property at about $312,757 per unit, and involves the Belle on Bev project at 1800 Beverly Boulevard. Commercial Observer also notes the project was completed in 2024 and includes ground-floor commercial and entertainment space.
Commercial Observer reports the recap comes as Los Angeles multifamily investment shows signs of recovery, with improved deal flow. The outlet also says development remains constrained by high costs, financing challenges, and Measure ULA.
Commercial Observer adds that CityView CEO Sean Burton said the firm is no longer underwriting new development deals in Los Angeles, describing the city as near impossible to build in due to taxation.