Eastside Real Estate & Development News
Welcome to a digest of Eastside real estate news, development and people. In this week’s issue:
Forever 21 sold its Lincoln Heights headquarters and warehouse, a large Echo Park apartment complex sold for more than $25 million and look out for 44 new units of housing on Silver Lake’s Rowena Avenue.
Real Estate Roundup
The Morton Gardens apartment complex was sold for $25.5 million to an institutional investment fund, according to Multi-Housing News. The 66-unit property at 1811 Morton Ave. is a collection of one-, two- and three-bedroom apartments built in 1972. Paul Darrow, vice president of investments at Institutional Property Advisors, which represented the seller, said the apartment sale is part of a trend in which big institutional investors are buying smaller properties than they have in the past.
Only a little way down that same street, another small-lot development is in the works. Plans have been filed to carve up the property at 1711 N. Morton Ave. to accommodate 10 homes – replacing a group of one-story bungalows.
A 70-unit apartment complex under construction is making progress at 1750 N. Glendale Boulevard, where the concrete podium is now visible, Urbanize reported. The five-story building will feature 62 standard flats, eight street-fronting live/work units, and eight units set aside as affordable housing. No completion date has been announced.
Forever 21 sold its Lincoln Heights headquarters and warehouse for $166 million, according to L.A. Business Journal. That’s $128 million more than what the apparel chain paid nine years ago for the Mission Road property. The buyer was Blackstone Group, a major real estate investment firm. It’s not clear whether Forever 21, which opened its first store Highland Park in April 1984, will remain in Lincoln Heights, where it employs about 2,000 workers.
Rowena Avenue could get even busier. A developer is seeking to put up 44 units of housing next to the L.A. Fire Station #56. The housing would replace a single-family home and commercial buildings that includes a salon. Congestion along The development would be among the largest constructed in the Rowena corridor, where builders have constructed several new housing developments in recent years. This stretch of the Rowena has also been the subject of a “road diet” strategy that has come under fire.
The project is scheduled to be reviewed by the Silver Lake Neighborhood Council’s planning committee on Wednesday, Feb. 13.
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That’s it for this issue of Real Estate Monday. We’re taking off next Monday but will return after the holiday.
— Barry Lank & Jesús Sanchez
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