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10/02/15
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Heights at Echo Park, a 29-unit, Art Deco-style multi-housing property in Los Angeles’ Echo Park neighborhood, traded hands between investors for $6.85 mil ($236k/unit), free and clear of debt.
Originally completed in 1928, Heights at Echo Park is located just north of Sunset Blvd near Echo Park Lake, Dodger Stadium, I-5 and Hwy 101 in central Los Angeles. The historic, four-story property consists of a mix of studio and one-bedroom units totaling approximately 21k sf. Property features include a classic Art Deco lobby, spacious floor plans with exposed brick walls, laundry facilities and outdoor community space.
HFF marketed the property on behalf of the seller, a private investor. The asset was purchased for $6.85 million free and clear of existing debt by
The buyer was Engine Real Estate LLC. The seller, an unnamed investor, was represented by Blake Rogers of HFF. In addition, HFF’s Marc Schillinger arranged $4.35 mil in acquisition financing through a local bank.
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