Marcus & Millichap Inc.
10/29/2024 | Press release | Distributed by Public on 10/29/2024 10:31
Marcus & Millichap Brokers the Sale of Three Apartment Buildings in Echo Park, California
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Marcus & Millichap Brokers the Sale of Three Apartment Buildings in Echo Park, California
October 29, 2024
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LOS ANGELES, October 29th, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of three separate apartment buildings; an eight-unit, a seven-unit, and a five-unit property located in the Echo Park submarket of Los Angeles, California. The first property, located at 2436 Echo Park Avenue sold for $2.4 million or $300,000 per unit and $448.26 per square foot. The second asset, located at 2140 Reservoir Street sold for $1.3 million or $185,714 per unit and $210.94 per square foot. The third property, located at 2011 Echo Park Avenue sold for $1.695 million or $339,000 per unit and $578.89 per square foot.
"There have been very few transactions in the Eastside submarket of Echo Park just west of Downtown Los Angeles showing how notable these three transactions were. We hit high pricing for all three sellers, especially Reservoir which sold at a 3.84% cap rate" said Jason Tuvia, senior managing director in Marcus & Millichap's Encino office. Tuvia oversaw the property transactions for all three properties.
The properties were all located in prime locations and contained views of either downtown Los Angeles or Elysian Heights. One of the assets, 2011 Echo Park Avenue, was a lender owned sale with renovated and furnished units.
"There have been very few transactions in the Eastside submarket of Echo Park just west of Downtown Los Angeles showing how notable these three transactions were. We hit high pricing for all three sellers, especially Reservoir which sold at a 3.84% cap rate" said Jason Tuvia, senior managing director in Marcus & Millichap's Encino office. Tuvia oversaw the property transactions for all three properties.
The properties were all located in prime locations and contained views of either downtown Los Angeles or Elysian Heights. One of the assets, 2011 Echo Park Avenue, was a lender owned sale with renovated and furnished units.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.