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California  + Los Angeles  + Apartments  | 

Echo Park Multifamily Sells Midway Through Construction

Marcus & Millichap arranged the sale of 319 N, Westlake Ave., a fourteen-unit apartment property located in the Echo Park submarket of Los Angeles. The asset sold for $3.45 million, or $246,429 per unit and $210.35 per square foot. The property sold midway through construction and was one of the first partially complete apartment buildings to sell in this market cycle.

“As we continue to work through a challenging high rate environment, many developers will be evaluating selling a partially complete project versus complete and sell, which was demonstrated by the sale at 319 North Westlake in South Echo Park.” said Jason Tuvia, senior managing director in Marcus & Millichap’s Encino office.

Tuvia oversaw the property transaction on behalf of the seller. The property was delivered 100% vacant and generated more than 75 tours and nearly a dozen offers.

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Marcus & Millichap's Tuvia

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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