Early last year an investment group scooped up the former Brownstone Lofts after the Angeleno Heights condo project had fallen into bankruptcy court. The new owners, Lion Real Estate Group, pumped an estimated $14 million to finish construction and the renovation of the 1920s brick complex, which was rechristened the Bellevue Lofts and rented out as 55 apartments. Now, less than a year after it purchased the property, Lion Real Estate is seeking to flip its freeway-adjacent Bellevue Lofts at an asking price of $21 million, according to a sales listing on LoopNet.
Obviously, this is not your typical Eastside house flip. Instead of investing in horizontal wood fencing and Ikea cabinetry, Lion Real Estate opted to build a new 65 space, concrete parking garage and install multiple elevators.
The sales information says the lofts, – some with views of the downtown skyline, others with views of the nearby 101 Freeway - are being leased between $1,250 to $2,850 month. If those rents seem high to some, they will look like a bargain in a few years if a report cited by the sales material is to be believed. In that forecast, Echo Park area rents are expected to rise 19% by 2016.
Good for them. Nice to see someone investing in the neighborhood. Hope they get it
Does “pumped an estimated $14 million” mean they have a total of 14 million invested or is that $14 million on top of X dollar amount to purchase the building?
According to title records they paid $8,500,000 and they have a loan of $10,650,000. There is no way they could have spent $14,000,000 on parking and finishing the units.
in B4 the guy who likes to rant about a murder that occurred there a million years ago.
Under the freeway
This is going to stretch gentrification all the way down Sunset Blvd. If people weren’t already following Mohawk Bend, they’ll be following the lofts.
And than to think this was once one of the biggest problem buildings in the Angelino Heights.
Congrats on turning that around.