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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.
- ◦Sale/Acquisition




