Cityview Repurchased Los Angeles Apartment Complex

The firm joined forces with PCCP to acquire the 243-unit Belle on Bev complex for $76 million.

Updated on Sept. 29, 2026 in Commercial

Gouache-painted illustration of a modern mid-rise residential apartment building with clean lines and geometric balconies. — Cityview and partner PCCP have repurchased the 243-unit Belle on Bev apartment complex in Los Angeles in a $76 million transaction. AI Illustration. Upload story photo >

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Cityview sold and repurchased the Belle on Bev apartment complex in Los Angeles through a joint venture with PCCP. The transaction for the 243-unit property was valued at $76 million.

Why it matters

This deal underscores the ongoing activity in the Los Angeles multifamily market and highlights the financial implications of local real estate taxation policies on large-scale developments.

The transaction for the property at 1800 Beverly Boulevard incurred a $4.5 million city transfer tax under Measure ULA. The $76 million deal amounts to a valuation of more than $300,000 per individual apartment unit.

The players

Cityview

Cityview is a real estate investment and development firm that specializes in multifamily housing projects.

PCCP

PCCP is a real estate investment firm that provides capital for development and property acquisition ventures.

The details

Cityview completed construction on the Belle on Bev development in the Historic Filipinotown neighborhood in April 2024. The complex features 243 apartments alongside integrated retail space.

Construction began at the site in August 2021.
Los Angeles voters passed Measure ULA in November 2022.
The city transfer tax took effect in April 2023.
Cityview finished construction of the complex in April 2024.
The sale and repurchase of the complex occurred in September 2026.

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Culture Shift

The transaction was subject to Measure ULA, a policy that imposes a transfer tax on real estate deals exceeding $5.4 million. This deal follows a pattern where developers and investors must account for significant local tax obligations in their property valuation and financing models.

Residents of the Historic Filipinotown area may see sustained management consistency due to the developer maintaining an ownership stake. The tax proceeds generated from this $76 million sale contribute to the city's broader budget for housing initiatives.

The takeaway

This transaction highlights how firms navigate complex local tax structures to maintain long-term interests in multi-family developments. Investors and developers should prioritize assessing the impact of city-wide transfer taxes on their project valuations.