ECHO PARK — One of the larger apartment buildings on Sunset Boulevard has been purchased for $4.7 million, with the new owner planning to renovate the 1920s-era structure.
The Real Deal Reports that Engine Real Estate, a brokerage and investment firm, plans renovations that will “make the property more attractive to commercial businesses and residential tenants,” according to company president David Walker.
The building, which is located at 1461 Sunset between the Short Stop bar and a United Oil gas station, includes 20 apartments and four ground-floor retail spaces. The demand for apartment properties remains strong, with this sale being completed in only 41 days and above the asking price of $4.6 million, said Nicole Apostolos of Keller Williams Commercial, which represented the seller and buyer. There was a “whirlwind of activity,” she said
The sale could prompt another round of retail turnover on Sunset Boulevard since the building’s four retail tenants are on month-to-month leases at relatively low rents, Walker said.
Engine has recently purchased and renovated several older buildings in Echo Park and Highland Park.
In Echo Park, the company’s holdings include the 29-unit The Heights apartment building, which sold for more than $6.8 million last September. The firm is also spearheading a renovation of the former Frank’s Camera building on Figueroa Street in Highland Park.
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