Saturday, October 22, 2016

Echo Park area apartment building fetches $8.11 million

Courtesy Charles Dunn Co.

Courtesy Charles Dunn Co.

Eastside PropertyLas Casitas Apartments are literally a stone’s throw from the Hollywood Freeway, with traffic traveling only a few feet away from apartment balconies. But the owners of the 33-unit property have nearly filled up the building, where the monthly rents on one-bedroom units have gone for nearly $1,900, according to some rental sites. Now, the building that sits on Bellevue Avenue between downtown on the east and Echo Park and Angeleno Heights on the west has found a new buyer who paid $8.11 million, according to Michel Hibbert with commercial real estate broker Charles Dunn Company.

This area west of the 110 Freeway has seen some large residential properties change hands and open up this year, including the nearby Elysian, the Bellevue Lofts and a multi-colored apartment complex across the street from Las Casitas.

The Las Casitas proximity to downtown and Echo Park as well as its non-rent controlled units were among its selling points.  “Echo Park is an area that is attracting successful professionals in many different professions which has led to a rapid rise in rents and appreciation of properties in the market,” according to a company press release.

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