Cityview and PCCP have formed a joint venture to recapitalize Belle on Bev, a 243-unit apartment property at 1800 Beverly Boulevard in Los Angeles' Historic Filipinotown.
The transaction values the community at $76 million, or roughly $312,757 per unit. Cityview, which previously held the asset, is the seller in the recapitalization and will retain ownership alongside PCCP.
The deal brings PCCP into a multifamily asset in a centrally located Los Angeles neighborhood while giving Cityview a new capital partner for the property. Commercial Observer first reported the transaction.
Recapitalizations can allow an existing owner to realize part of an investment while maintaining a stake in an asset and introducing new institutional equity. In this case, the structure keeps Cityview involved in Belle on Bev as PCCP joins the ownership group.
