The Real Deal Los Angeles

Developer Abe Shofet wants to sell Silver Lake site complete with plans for 67-unit resi complex

The 0.6-acre project is on the market for $6.7M
By Cathaleen Chen | October 28, 2016 03:30PM

Rendering of Shofet's project at 707 North Alvarado Street (Credit: Axiom)

Rendering of Shofet’s project at 707 North Alvarado Street (Credit: Axiom)

Developer Abraham Shofet is planning to sell a shovel-ready site in Silver Lake complete with not-yet-approved plans for a 67-unit apartment complex, according to sources at his firm, Axiom Real Estate Investments.

The prospective buyer of the 0.6-acre lot on the corner of North Alvarado and Kent Streets — currently asking a little over $6.7 million — would inherit plans to build a five-story apartment structure spanning 52,990 square feet. 

The lot is currently occupied by a pair of single-story commercial buildings, totaling 11,000 square feet.

Seven of the 67 planned units would be reserved for very low-income residents, according to city documents. Albert Shilton of Charles Dunn has the listing for the site.

Shofet, operating under the entity Victoria Fresno Realty LLC, acquired the site for $2.55 million in 2014, according to CoStar.

The project does not require a zoning change, Shilton told The Real Deal.

“It’ll be ready to build within 60 days,” he said.

Shofet, who did not respond to a request for comment on why he’d opted to sell the site, is also planning a 74-unit apartment complex in Baldwin Hills, Urbanize reported earlier this month. It will replace the vacant medical office building at 3831 West Stocker Street.