Samuelian Group Buys Silver Lake Parcels for More

Samuelian Group is making progress toward turning a vacant lot in Silver Lake into affordable housing.

The El Segundo-based developer acquired a three-parcel site at 835 North Hyperion Avenue for nearly $5.3 million, L.A. Business First reported. The seller was Hyperion Apartments LP, linked in state business records to developer Jason Lewis.

Samuelian Group proposed a 77,000-square-foot project consisting of 105 units for residents making 30 to 80 percent of area median income, or between roughly $22,695 and $60,250 annually for one person. The project, dubbed “Silver Lake Flats,” broke ground earlier this month and is expected to be completed in two years. Construction is being led by R.D. Olson Construction, while Kevin Tsai Architecture is handling designs.

Samuelian acquired the property when it was fully entitled for a six-story, 54-unit development. During the escrow process, it re-entitled the property for 105 units through Los Angeles’ Executive Directive 1, which streamlines the permitting process and allows review exemptions for developers building 100 percent affordable housing projects.

In utilizing ED1, Samuelian Group lowered per-unit construction cost to $50,000, according to Northmarq broker Mike Hanassab, who arranged the sale on behalf of the seller alongside Steven Goldstein and Elliot Hassan. Besides housing, the property will have a community center, playground and green space.

ED1-backed affordable housing development has become an increasingly popular avenue for developers looking to get shovels in dirt quickly without getting tied up in the City of Los Angeles’ web of red tape. The Los Angeles region is among the nation’s leaders in building affordable housing, with nearly a quarter of units completed in the post-pandemic era being income-restricted residences, according to RentCafe.

Samuelian Group is pursuing other projects across Los Angeles County, all of which are fully affordable developments under ED1. Last month, the firm filed an application with the Los Angeles Department of City Planning for Valleris on Ventura, a proposed seven-story, 96-unit building at 23022-23032 Ventura Boulevard in Woodland Hills. Silver Lake Flats is the first of the 2025-founded firm’s proposed developments to begin construction.

— Chris Malone Méndez