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February 23, 2019
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SOUTHERN CALIFORNIA NEWS
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Apartment Complex in L.A.’s Echo Park Neighborhood Sells for Over $25 Mil

1/28/19

Morton Gardens, a 66-unit multifamily property in L.A.’s Echo Park neighborhood, sold for $25.5 mil, or $386.4k/unit. The asset, located at 1811-1825 Morton Ave, north of Sunset Blvd and east of Glendale Blvd, was purchased by an institutional investment fund.

Built in 1972, Morton Gardens sits on just under three acres. The property’s central location near four major freeways — the 101, 110, 5, and 2 — gives residents a 15-minute commute to Hollywood, Downtown Los Angeles, Glendale, and Burbank.

Morton Gardens offers views of Echo Park Lake and Downtown Los Angeles. It features a mix of one-, two- and three-bedroom layouts, two courtyards, controlled entry and covered parking.

Joe Grabiec, Greg Harris and Kevin Green with Institutional Property Advisors, along with Paul Darrow of Marcus & Millichap, represented the buyer and the seller, a regional private investor.

“Morton Gardens is one of just a handful of apartment communities in the hills of Echo Park, an affluent and supply-constrained Eastside neighborhood north of Sunset Boulevard,” said Grabiec. “The property combines abundant open space with urban walkability to create a distinctive experience for residents.”

“This transaction is a great example of a current trend in Los Angeles where institutional investors are purchasing smaller communities from local owners to participate in the region’s impressive rent growth,” noted Darrow. “Many neighborhoods that are seeing the most rent growth lack communities with the size and scale institutional investors typically purchase. As a result, we are seeing institutions who believe and want to own in Los Angeles grow their footprints by acquiring smaller communities.”





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