Affordable housing is getting a rare foothold in Silver Lake, where Samuelian Group has picked up a half-acre lot at 825 Hyperion Avenue and is charging ahead with a new six-story project that will pack in 105 income-restricted apartments. The developer closed on the site this week for roughly $5.3 million, and crews are already at work on the parcel. The building is being pitched as family-oriented affordable housing, complete with a central courtyard and rooftop perks.
As reported by L.A. Business First, Samuelian Group’s acquisition of the site for nearly $5.3 million sets the stage for a fresh batch of income-restricted homes in a neighborhood where that kind of housing is tough to find.
Project design and amenities
Dubbed the Silver Lake Flats, the development is slated to span roughly 77,000 square feet in a six-story structure, with apartments stacked above ground-level parking. Renderings show a light-filled central courtyard and private garden areas that try to squeeze some calm into a dense urban footprint.
Plans call for a rooftop deck, a community room, a yoga space and a children’s playroom, giving residents more to do than just head straight from the car to the couch. Kevin Tsai Architecture is designing the project, and R.D. Olson Construction is listed as the general contractor, according to YIMBY.
Financing and timeline
To make the numbers pencil out, the project is tapping into a stack of public financing. State filings show the Silver Lake Flats was recommended for $1,912,899 in annual federal low-income housing tax credits, $10,436,940 in state credits and about $13,340,901 in tax-exempt bond cap to support construction. Those same documents outline a projected construction window running from May 2026 through May 2028, according to the CDLAC project staff report.
City approval and public hearing
On the public-approval side, a TEFRA hearing took place on April 9, 2026, satisfying federal requirements tied to the tax-exempt bonds. Los Angeles City Council records show a resolution signed off on the California Municipal Finance Authority’s ability to issue bonds for the development in an amount not to exceed $35 million. The City’s file includes both the TEFRA minutes and the proposed resolution, according to the City Clerk record.
Developer notes and other projects
Samuelian Group has been touting the deal publicly as well. In a post on LinkedIn, the firm announced it had been awarded LIHTC financing for Silver Lake Flats and described the building as tailored to large families, with resident services planned on site. The company has also signaled it is chasing similar affordable developments elsewhere around Los Angeles County.
When all is said and done, the 105 income-restricted units, including a significant share of two- and three-bedroom homes, are expected to bring a rare cluster of larger-family affordable apartments to Silver Lake. A state report lists the breakdown as 45 one-bedroom units, 30 two-bedroom units and 30 three-bedroom units, restricted to households earning roughly 30% to 80% of area median income, according to the CDLAC.
