The six-story Belle on Bev apartment complex in the city’s Historic Filipinotown was recently sold by its developer Century City-based real estate firm Cityview for $76 million. The property, located at 1800 Beverly Blvd, which was completed in 2024, was acquired by a joint venture between Cityview and Century City-based real estate finance firm PCCP.
The transaction, which effectively resulted in a recapitalization of the property, was first reported by Traded. It transferred ownership of more than 3,500 square feet of retail space and a 292-car garage, in addition to 243 studios, one and two-bedroom units. Approximately 8% of the units at the complex, 21 apartments, have been set aside for affordable housing.
Rents at the apartment complex range from $1,999 to $3,538 a month. Amenities include a pool, courtyard rooftop deck with an outdoor kitchen, a fitness center with a spa, media room, club room and a speakeasy, to name a few.
The property is located three blocks from Belmont High School and the Historic Filipinotown Eastern Gateway, near the 101, Echo Park and the Los Angeles Downtown Medical Center.
A report in Commercial Observer about the transaction said that the deal generated approximately $4.5 million in local transfer taxes. The report added that Cityview CEO Sean Burton said recently that the firm is no longer underwriting new developments in Los Angeles due to high financing costs, particularly due to the recently adopted United to House Los Angeles Measure, known as the ‘mansion tax.’
A report in The Real Deal about the Belle on Bev transaction said that the building broke ground in August 2021. Burton also told The Real Deal that the Measure ULA legislation had effectively redlined the city and that Cityview’s recently opened apartment complex in South Bay could not have been done due to the legislation.
The transaction closed last month in September, less than two and a half years after the building was completed. A report in Urbanize LA says that the project was expected to be completed by the end of 2023.
A public disclosure from the Los Angeles Office of Finance says that the measure applies a 4% tax for properties between $5.4 million and up to $10.9 million and a 5.5% tax for transactions over $10.9 million that closed after April 1, 2023. The measure is a special tax on the privilege of selling interest in property within the city rather than a tax on the properties themselves.
A press release from ULA says that the measure has already made $324 million in new funding available for affordable housing in 2026. City council approved a 20% increase in second round of notice of funding availability on September 23 – 70% of which came from Measure ULA.
As of August, Measure ULA has raised nearly $1.4 billion and funded more than 5,600 affordable homes in its first two rounds, according to the press release.
