A newly built apartment complex in Echo Park is up for sale, with an asking price of around $627,000 per unit.
Bond Companies, an investment and development firm with offices in L.A. and Chicago, is listing the 47-unit Inspire Colton apartment complex for $29.5 million, according to online materials from Marcus & Millichap, which is marketing the property. Apartments are not yet available, with move-in data set for April or May, according to a website for the project.
The complex, located at 1363 West Colton Street, includes studio, one-bedroom and three-bedroom units, with rents ranging from $2,499 to $4,874 a month.
Bond Companies bought two parcels for the site for $1.3 million in 2017, records show, and got city planning approval to build the complex in 2018.
The company has built a number of apartment complexes under its “Inspire” brand, through a joint venture with multifamily developer Morgan Holdings. In Hollywood, Bond is constructing a 200-unit, mixed-use development under the brand at 1522 South Cassil Avenue, set to open this spring.
Outside of California, the company built a 363-unit complex in Charlotte in 2017 and another complex in the North Carolina city with 369 units in 2018, according to Bond Companies’ website.
Echo Park, a gentrified district just northwest of Downtown L.A., has seen heightened interest from private real estate firms and institutional investors in recent months.
In February, a CMCT, a REIT managed by CIM Group, bought a 100,000-square-foot office building for $51 million. The building was previously owned by Foursquare Church, an evangelical Pentecostal Christian denomination founded in 1923.
West Hollywood-based A.J. Khair Construction and Development, run by Demetri Samaha, recently filed plans to build a 41-unit complex in the neighborhood, taking advantage of tax incentives under the city’s Transit Oriented Communities program.