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Thursday, October 23, 2014

Long-delayed Angeleno Heights project now ready for residents

It took several years longer than expected, with the transformation of a 1920s-era Angeleno Heights brick apartment building into a high-end residential development delayed by the recession, lawsuits, a bankruptcy filing and a change of ownership. Now,  after new owners took over and finished construction, apartments in the Bellevue Lofts, a 55-unit building located between the Bellevue Avenue and the 101 Freeway, are up for lease, with rents ranging from $1,300 for a studio apartment to $2,200 for two-bedroom units, according to a Craigslist ad.

Lion Real Estate Group,  which purchased the three-story building earlier this year after the previous owner filed for bankruptcy last  September,  said it would pump about $14 million to finish the project, including the construction of a new parking garage.

The bankruptcy filing and halt of construction were part of an ongoing saga that saw numerous delays and a legal struggle between the previous owner and tenants in the Angeleno Heights building. After gutting and carving the interior into loft-style units, the previous owner had been asking as much as a million dollars for penthouse units with views of the downtown skyline–as well as the adjacent Hollywood Freeway.

But a Lion Real Estate officials said that apartments seem to make more sense at this time.

What to expect at Bellevue Lofts, where a one-bedroom will set you back $1,600 a month? Lots of exposed brick, marble counter tops and, in some units, rooftop terraces with a downtown view.



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20 comments

  1. lolllllll, who the heck is gonna pay that much for a 1 bedroom? freaks.

    • Hate to break it to you, but it’s near impossible to find a decent 1 bedroom under $1300…especially not a brand new building. Rents in this city are out of control right now.

      My upstairs rents the same studio in Echo Park that I do and pays $250 more for it. eek!

  2. What do you mean? You have a glorious view of the freeway! Also, you are adjacent to a homeless camp on Boston Street. And for your move in pleasure you can pick up a free mattress or bookshelf or even a spare toilet on the sidewalk that was conveniently dumped there! And man, the parking is gonna be wonderful with 60+ more cars around.

    • Great story Matt, thanks for posting!

    • Yep. That happened. And for what it’s worth, it is my opinion and personal experience that the entire block of Bellevue there, holds some very deeply bad juju.

      Enjoy living there! Don’t say you weren’t warned.

      • Nine Double Oh 2 Sixxxer

        What was your personal experience there, can you share it with us?

        • I’d rather not, Nine Oh.

          But I will say this. That portion of Bellevue is an extremely convenient thoroughfare for crime committers to speed off, rootin’ and tootin’ their guns, and hit the 101 N and S, 110 N and S, and the 5 N and S for super quick getaways. And of course you’ve got Temple and Sunset East and West as well which they do use. Experienced a ton of drive by shootings there and it really didn’t matter the time of night or day, the fact is it’s a very convenient location for shitbag practice.

          Also, it was so charming how the bangers and wannabes and dealers would hang out at Bob’s Market and intimidate everyone.

          • I Brake for LA Natives

            I hear you about the crime, but if one wants to live in the gentrified ‘hood then this comes with it. Echo Park is not going to become a Bohemian Xanadu just because an old building has been dressed up with stainless steel appliances and plastic crown mouldings from The Home Depot. (is it molding or moulding ?)

  3. yes, everything would just be so much better if they just left this an empty eyesore! i for one am glad someone took the time to care for and finish this property. and, unless you want to live in a rundown building in the valley with no air conditioning, rents in LA are high. they just are. with out seeing the finished product it’s hard to judge. it’s a beautiful building in a kind of unfortunate area. but , it’s also close to downtown and the eastside. someone may overlook the fwy for that convenience. and, unless you live in the units that directly sit facing the fwy, you might not notice. can we just be happy that it’s done and not torn down? i for one hope they do well.

  4. I used to live right across the street and feel awful for those in the neighborhood who still do. The parking was already a nightmare, and now they’re going to inflate the rents in the neighborhood. PS there is NO storage in the units and unless you’re on the top floor, you don’t even get a balcony. I went in when it was under construction. Not worth the rent.

  5. Nine Double Oh 2 Sixxxer

    I was in these units about a year ago when they were looking to sell them. They’re really cool inside, the building has a lot of the original character and modern updates to the interiors. Looks like they’ve got a garage built next to the bldg for the tenants, so aside from guests – parking in the area probably won’t be that bad.
    Price wise, seems like their comps are closer to Downtown lofts rather than apartments in the Echo Park area.
    …too close to the 101 for me though, but I have to say that the place is WAY better than that bland-new construction-eyesore-36 on Echo!!!

    http://www.theeastsiderla.com/2011/11/will-the-third-name-be-the-charm-for-this-echo-park-condo-project/

  6. Wondering if there are any rent control considerations here. The old tenants (who knows — maybe the place was vacant) were presumably evicted to convert. Does the construction work mean this is a “new” building so the old rent controls don’t apply?

    • It depends Wes, many times, especially during the downturn “condo” buildings were rented out. If the buidling is entitled and has a Certificate of Occupancy as a condominium building then rent stabilization may not apply. It also means that if/when the owner decides to sell the units, the current renters are likely to be offered right of first refusal to buy the unit and a bare minimum relocation package. This happened a lot in Downtown LA and is still the case with many “gone rental’ buildings.

  7. Wasn’t there a fire there that forced most of the old tenants out way before any renovation started?

  8. The building looks beautiful and would probably have great views of downtown, but who would pay that much to live in that area??? That hotel on the corner looks WAY shady!

  9. Suggested real estate listing:
    ‘Freeway adjacent with great links to the 101 and 110′

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