At a glance
- Traded first reported the move.
- The building at 1800 Beverly Boulevard was completed in 2024 with ground-floor commercial and entertainment space: retail, a speakeasy-style lounge and a cocktail bar, and sits in Historic Filipinotown between Echo Park and Downtown.
- The deal generated roughly $4.5 million in local transfer taxes, with the majority going to Measure ULA, the levy also known as the controversial mansion tax.
A $76 million recapitalization of Belle on Bev puts Cityview on both sides of the deal, selling the 243-unit Historic Filipinotown apartment complex into a joint venture with PCCP at about $312,757 a unit. Traded first reported the move. Because Cityview is both the seller and a venture partner, the transaction reads more like a rolled stake than a clean exit, though the coverage does not spell out the continuing ownership split.
The building at 1800 Beverly Boulevard was completed in 2024 with ground-floor commercial and entertainment space: retail, a speakeasy-style lounge and a cocktail bar, and sits in Historic Filipinotown between Echo Park and Downtown. How much of the $312,757-a-unit figure the commercial portion carries is not broken out, which matters to anyone treating the trade as a residential comp.
The deal generated roughly $4.5 million in local transfer taxes, with the majority going to Measure ULA, the levy also known as the controversial mansion tax. Against a $76 million price, that is about 5.9% in transfer taxes alone, a line item large enough to sit inside the reserve price on both sides of a Los Angeles sale.
PCCP is buying an asset whose construction risk is spent, leaving the rent roll above a ground-floor row of retail and bars to carry the number. If Cityview remained in the venture, the two partners are now underwriting the same building from different seats, one holding development costs and the other entering at the deal's per-unit mark. Cityview CEO Sean Burton recently told Commercial Observer that the firm is no longer underwriting new development deals in Los Angeles, calling the city 'near impossible' to build in because of the tax. A developer that delivered in 2024 and has stopped writing deals in the city is a seller, and the partner it picked has been busy: PRED's records log two PCCP fund launches and two deals in September.
The recap lands as Los Angeles multifamily investment shows signs of recovery and deal flow improves, while development stays constrained by high costs, financing and Measure ULA. As this publication has argued, apartment prices are resetting on rent and basis rather than scarcity. Fortress's real estate equity head has described buying San Francisco multifamily at roughly half of pre-COVID pricing, a stiffer test than any location story.
The coverage does not say whether $76 million clears what Cityview spent to build Belle on Bev. For anyone treating $312,757 a unit as a Los Angeles comp, that missing cost basis is the open question.
Reported by the Deals desk from Commercial Observer. Published . Corrections