Ridge Crest Real Estate, LLC, has acquired two sites entitled for 19 small lot detached units in Silver Lake, CA. from Amreal GP Investors, LLC and Amreal Hyperion Investors, LLC, subsidiaries of Amoroso Development Company. Land Advisors Organization (LAO), Irvine, a nationwide advisory firm focused on the acquisition and disposition of land and land-related assets, represented the seller. Terms were not disclosed.
The properties offer urban green-living and capitalize on the high walkability in the diverse and trendy neighborhood. Situated off of Griffith Park Boulevard and Hyperion Avenue, select homes in the developments will offer views of Hollywood and the Griffith Observatory. Their superior locations put them within walking distance to restaurants, retail, shopping, and the metro.
Tim Barden, senior vice president at Land Advisors, states, “The two properties represent the best in urban living: ample home sizes, thoughtfully designed floor-plans, and eco-conscious features that will be attractive to the buyers in this submarket.” When considering the current market in Silver Lake, Barden explains, “The properties should have very little competition due to the difficult entitlement/permitting process in the City of Los Angeles, and the overall lack of supply in Silver Lake.”
With its focus on creative and artistic embracement, Silver Lake has been continuously ranked on Forbes’ “America’s Best Hipster neighborhoods.” Residents of the community are known to frequent the Silver Lake reservoir for yoga, attend gallery openings, and support their local restaurants in the city’s “DineLA” week. In the last two years alone, Silver Lake has seen an influx of restaurants expanding from other popular metro cities, as they recognize the urban growth of the neighborhood.
The walkability of the properties is a premium when considering that developers have been hyper- focused on the future momentum of metro areas’ urban development. Today’s potential homeowners are keen on eco-friendly options. Fortunately, the Center for Real Estate and Urban Analysis at The George Washington School of Business ranked Los Angeles #7 on their list for “Walkable Urbanism” in Foot Traffic. The market has shifted from developing drivable suburbs to walkable urban neighborhoods, and it’s not just residential developers taking notice of the walkable urbanism—businesses, retail and office, are expanding and changing their locations to meet the demand for urban locations that increase walkable access.
