Tuesday, October 25, 2016

Echo Park apartment buildings emerge as hot properties

Delta Street apartment building sold for $3.7 million

Delta Street apartment building sold for $3.7 million

Eastside PropertyECHO PARK —  If you think shopping for a home in Echo Park is a costly and competitive ordeal, try buying an apartment building.  When a 16-unit building on Delta Street went on the market earlier this month for $3.895 million, the pumpkin-colored building did not sit around very long.  Five serious offers emerged and a sale, at $3.7 million, was completed in six days, according to broker David Bramante.

“An intense competition among strong buyers made this apartment building extremely challenging to win,” said Bramante of BRE Investment. The sale price for the 1920s-era building works out to $231,250 per unit – or about double the neighborhood average, he said.

The same building sold for $1.265 million in 2005 and was the subject of a 2006 L.A. Times story  about how low-income renters were being pushed out of how gentrifying neighborhoods.

In another recent apartment sale, Ness Holdings said it paid $4.93 million for a 28-unit apartment building in the 2200 block of Court Street in an area where Echo Park and Historic Filipinotown overlap.   The investment firm said it plans to transform the Court Street property, built in 1989, along with two other buildings it purchased in different neighborhoods”into luxury apartment complexes.”

There are more apartment sales brewing in Echo Park, including a deal involving the landmark Jensen’s Recreation Center on Sunset Boulevard.

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  1. The corporate rentiers have landed in force. Those with access to nearly free money are like giant parasites sucking the wealth from the lower classes into their coffers. Aux armes comrades! We must throw off the shackles of our parasitic landlord rentier class!

  2. Parasitic? Hardly. These people are investing. Investment has inherent risk. They are also providing a service to their tenants. This ain’t no free ride as you would have people believe. It is a business like any other. Well, except that morons like you like to reduce us to “greedy” and “parasites”.

    The LAHD does not allow landlords to evict a family simply for paying below market rent. So no one gets “forced out”. Ocasionally, there is a private agreement made where the tenant agrees to accept a cash buy-out to leave but they certainly don’t have to take the money. I know one family that received $80K to vacate. In that case who is the victim?

    • Amen El boomerater!

      Having just dealt with tenant buyouts in EP I can tell you that tenants in this area know their rights. Even if they are undocumented, limited english, etc, they drive a very hard bargain and know they can’t be evicted.

      If people are leaving apartments in EP, its because they got a big damn check to do so.

      • Thanks for the write up Eastsider! We are very grateful to be part of this historic and record breaking sale of 1616 Delta, and it’s definitely going to continue to change the perception of Echo Park investment and invite other visionary investors to come to Echo Park. The quality of this property and the investors involved were of the highest professional caliber we have ever seen, and we’ve been in tons of buildings and dealt with tons of investors.

        It’s exciting to see investors with vision and determination turn buildings around and unlock their true potential, because everyone reaps the benefits. Many times, rent control laws keep everyone’s expectations very low, and this directly impacts the quality of living in an area. As Dave said, the tenants getting bought of buildings on the Eastside are receiving huge lumps sums and are very savvy about landlord/tenants laws. But when investors are excited to risk their money, time and reputation on taking on major projects like Delta, then the results are pretty impressive.

        If you took a poll among the tenants at 1616 Delta, then I think you would find most, if not all, were very happy with the rent they’re paying in relation to the quality of the extensive and thoughtful renovations at this incredibly desirable location. Personally, I have seen hundreds of apartments on the Eastside and these were truly stunning examples of what quality remodels can be… as El boomerater said this took a lot of time, money, risk and vision on the part of a landlord, and that tenants should be very happy about these types of improvements to their neighborhoods.

        • These units are like $1800 for a pretty small 1 bedroom, and they look fine but not really stunning, a friend used to live there and it felt very cramped. Way overpriced.

          • Hi Palmero, thanks for the feedback however the average rents at Delta are exactly $1460.55, not $1800 as you stated. And if you’re curious, the rent range is $1390.50 to $1595.

        • Yes, SO EXCITING to see Westside-style rents placed on small Echo Park apartments that only rich middle aged White People can afford. Young adults, artists, and recent college grads who flocked to EP for the community, diversity and affordability can’t even live here anymore. Open your eyes people — it’s not the hipsters you should be mad at anymore. I know not a single 18-30 yearbold who can afford a $1500+ apartment alone. These are Santa Monica and NYC transplants who are driving up rents in our neighborhood.

          Glad you’re excited about the continual whitewashing of EP, David b

          • I take it you haven’t been to the west side recently, Echo Park. The rents there are double (at least) what they are here. The point is, rent is going up rapidly and will continue to do so for many years to come in our fair city.

            Whitewashing? Should we read that as an anti-white statement? Quite racist of you dear.

            Echo Park will continue to gentrify like it or not. If you can’t afford to rent, you should buy. If you can’t afford to buy here, find a place you can afford. That is the only true way to control your own destiny (and rental amount)

          • Echo Park is right.

            El boomerator, who do you think you are to lecture people here on how or whether to rent or buy in Echo Park?

          • “Echo Park” – If you check the demographic changes from the 2000 to the 2010 Census reports as our group has, there have been changes, but I wouldn’t call it “whitewashing” in any way.

            So I’m surprised you’re trying to take this discussion in that direction. The two major demographic changes that we noticed are: 1) less children; and 2) less single mothers with children. Glean from that what you will, but there have been many many major factors for the area’s growth and the top one is investment.

            While I understand you are frustrated by the increasing rents in the area, LA in general is getting more expensive like every other major metropolitan. However, Echo Park is significantly safer and more enjoyable than it was in the past, and I know that because I’m a native Angeleno and know how Echo Park used to be. The area is significantly more desirable for many reasons, but in no small part, because people are risks their money and investing here, and that’s increasing the quality of life.

            I have been working in the area since 2001, and every year Echo Park has gotten better and better. Not subjectively, but objectively. The area is a better place to live, but there will always be the “old guard” that romanticizes the past and is frustrated by progress. That’s true for any part of the City, in any City, so in that respect you’re not alone.

    • I was kidding, but you have to admit it is a little scary to see prices of this sort in an already expensive real estate market. I’d predict unrest in the near future if I didn’t know how defeated we all are as a people right now.

      • You were kidding? I stopped cleaning out my garage and went shopping for a pitchfork. Stop confusing me.

      • @toucan
        I don’t give a sheite if or where you buy. How’d you get that from what I said?

        What I said is if you own your place, you don’t have to worry about rising rents. Even you can comprehend that, I’m sure, toucan.

  3. The investors are not victims because they have to pay people a relocation fee if they want them out of their buildings. The investors are in the business of making money, period. If paying someone to move out wasn’t financially beneficial to them, they wouldn’t do it.

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