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Thursday, September 29, 2016

Echo Park real estate is still a family affair

Photo courtesy Marcus & Millichap

One of the  nation’s largest home builders, Texas-based D.R. Horton, recently purchased the unfinished remains of a 36-unit condo complex in the heart of Echo Park.  Echo  Park real estate, however, is by no means the domain of big corporate players even when it comes to pricey apartment buildings. For example, a 12-unit, 1930s Mediterranean-style apartment building at 1432 Echo Park Avenue recently sold for $1.05 million, reports listing agent David Bramante with the brokerage firm Marcus & Millichap. Bramante said, the building, which sold for $880,000 in 2004, was purchased by a Silver Lake family that owns other rental properties. “We’re seeing more local families buying apartment buildings, typically pulling funds from stock and bond portfolios,” Bramante said.



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