Echo Park apartment community sells for $26M
Blackstone Group’ EQ Office bought the 3-building complex
Clear Capital has sold a 66-unit apartment community in Echo Park for $25.5 million to an institutional investment fund.
The Morton Gardens complex is located at 1811 Morton Avenue, less than a mile from Dodger Stadium, according to Multi-Housing News.
Records show that an institutional investment fund controlled by EQ Office, which is owned by Blackstone Group purchased the property, which has three buildings with three stories apiece.
The buildings, which were completed in 1972, include one-, two- and three-bedroom apartments. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.
The Echo Park sale follows the recent sale of the Parkwood complex in Loz Feliz, which was another case of institutional investors purchasing smaller communities from local owners. That 78-unit property traded for $20.2 million and was the second largest multifamily investment sale in Los Angeles for December.
New multifamily projects are coming to Echo Park. Realty Investment Advisors plans to build a 60-unit complex at 600 N. Alvarado Street.
Blackstone’s EQ Office has also been busy recently. Last week it purchased Forever 21’s headquarters east of Downtown for almost $166 million. [MHN] — Gregory Cornfield