ECHO PARK — Last year the tenants of a 10-unit hillside bungalow court on Sunset Boulevard faced eviction after new property owners bought the place, leaving tenants to wonder where they were going to live, according to an L.A. Times story on apartment demolitions. The bungalow court on the eastern edge of Echo Park remains standing, but the owner has put the property back on the market for $2.4 million, according to LoopNet. That’s about 85% more than what the owner paid only a little more than 18 months ago.
The nearly half-acre property at 1251 Sunset sits in an area between Echo Park and Downtown that has attracted the attention of residential developers. Next door, a Canadian developer wants to build more than 200 apartments on the site of a now closed Reliable Do It Center. Further down the block, a former office building has been renovated into a sleek new apartment tower, where one-bedroom units are being rented for more than $3,000 a month. Meanwhile, construction is underway on a 27-unit apartment building on Sunset near Elysian Park Avenue.
The listing informaton for the 10-unit bungalow property promotes it as a “Great Re-Development Property near Dodger Stadium” with the potential for 49 residential units and retail space. Says the listing:
This area is currently experiencing gentrification and appears to be ideal for a multi-family development.
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