ECHO PARK — A real estate investment company has purchased Jensen’s Recreation Center, a 1920s brick apartment building with an iconic rooftop sign, for $15 million, according to the Los Angeles Times.
Vista Investment Group paid nearly double the $8.4 million that the previous owned spent seven years ago to acquire the three-story, 46-unit apartment building with ground floor shops, according to online county assessor records. Vista Investment Group President Jonathan Barach told the Times that his firm is planning to invest another $1.25 million to improve the lobby, common areas and the rooftop sign atop the Sunset Boulevard building. Said Barach:
Jensen’s Recreation Center is a neighborhood treasure in one of the trendiest pockets in Los Angeles.”
Built by a German immigrant and brickyard owner Henry Christian Jensen in 1924, the building originally contained an Egyptian-themed bowling alley and a pool hall and two floors of apartments above, according to the Echo Park Historical Society. The building is a city historic cultural monument. Jensen also constructed commercial buildings and theaters in Glendale, Pasadena and East Hollywood.
Jensen’s is one of the several, large Echo Park apartment buildings that have sold in the past year, including a 16-unit building on Delta Street that sold for $3.4 million and the 44-unit Del Mor apartments, which fetched $9.275 million.