Cityview, PCCP Joint Venture Buys L.A. Apartments for $76M
The 243-unit Belle on Bev traded for about $313,000 per unit
By Greg Cornfield October 1, 2026 2:35 pm
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A joint venture between CityView and PCCP is recapitalizing a 243-unit apartment complex in Los Angeles’ Historic Filipinotown for $76 million.
Cityview is also the seller, bringing PCCP into the ownership of the Belle on Bev project at 1800 Beverly Boulevard. The transaction is equal to about $312,757 per unit. Traded first reported the move.
Cityview completed Belle on Bev in 2024 with ground-floor commercial and entertainment space, including retail, a speakeasy-style lounge and a cocktail bar. Historic Filipinotown is between the Echo Park area and Downtown L.A.
The deal also generated approximately $4.5 million in local transfer taxes, with the majority going to Measure ULA, known as the controversial “mansion tax.”
The recap comes as Los Angeles multifamily investment shows signs of recovery with deal flow improving. But development remains constrained by high costs, financing challenges and Measure ULA.
Cityview CEO Sean Burton recently told Commercial Observer the firm is no longer underwriting new development deals in Los Angeles, calling the city “near impossible” to build in because of the tax.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
