ECHO 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.