A Miami-based real estate investment firm with projects in Boyle Heights and Silver Lake now plans to build 18 homes on the Morton Village property in Echo Park. Fifteen Group said it has purchased the nearly one-acre property at 1641 Morton Avenue and plans to start construction next spring on 18 homes under the city’s small lot ordinance. The property, which currently includes four, nearly century-old bungalows, was listed at an asking price of $1.6 million, according to sales material. In addition, the sales material said plans call for the renovation of the existing four bungalows.
The investment firm issued a brief statement about the property purchase:
Fifteen Group has acquired the Morton Village development site on Morton Avenue in Echo Park, and will be moving forward with the 18-unit residential project already approved for the site. Fifteen Group is looking forward to working with the community as the project advances. Construction is expected to begin in the spring of 2012.
15 Group is the same company that recently acquired the former Coffee Table property in Silver Lake, where landowners are entitled to build about 60 units of housing. The firm is also seeking to redevelop the sprawling Wyvernwood apartment complex in Boyle Heights, a project that has met with stiff opposition from tenants and preservation groups.