Echo Park apartment community sells for $26M

Blackstone Group’ EQ Office bought the 3-building complex

TRD LOS ANGELES /
Feb.February 11, 2019 01:00 PM
Paul Darrow and the property at 1811 Morton Avenue that sold for $25.5 million (Credit: Google Maps)

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


Related Articles

arrow_forward_ios
An illustration of Jon Gray and Victor Coleman

Blackstone nears $1.4B deal with HPP to build out production studios

Blackstone nears $1.4B deal with HPP to build out production studios
Tani Cantil-Sakauye (Credit: Earl Gibson III/Getty Images)

Landlords sue California over eviction ban

Landlords sue California over eviction ban
Eric Garcetti, Nury Martinez, and Daniel Yukelson (Credit: Marc Flores and Alberto E. Rodriguez via Getty Imahes, Linkedin, and iStock)

LA landlords sue city over residential eviction ban

LA landlords sue city over residential eviction ban
Daniel Yukelson of Apartment Association of Greater L.A. and L.A. City hall (Credit: iStock)

For CA landlords, abysmal is the new normal

For CA landlords, abysmal is the new normal
Daniel Yukelson of Apartment Association of Greater L.A. (Credit: iStock)

Landlords fuming over sexual harassment “reports”

Landlords fuming over sexual harassment “reports”
Kevin Conway, director of acquisitions at IDEAL Capital Group in Clovis (Credit: iStock)

Don’t sound the alarm! CA May rent checks not in freefall

Don’t sound the alarm! CA May rent checks not in freefall
Blackstone-owned Homewood Suites by SF airport (Credit: Hilton and iStock)

Blackstone sues over scotched $265M hotel deal

Blackstone sues over scotched $265M hotel deal
The building at 8201 Woodley Avenue and Blackstone CEO Stephen Schwarzman (Credit: Google Maps)

Blackstone pays $83M for pair of industrial properties in Van Nuys

Blackstone pays $83M for pair of industrial properties in Van Nuys
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...