LOS ANGELES-Hendricks-Berkadia has completed the sale of Echo Ten Thirty Lofts, a Platinum LEED-certified building located at 1030 North Alvarado Street in Echo Park.

The 20-unit, live-work community sold for $9 million,which reflects a cost of $450,000 per unit or $328 per square foot for the entire property.

The property also includes three ground-floor retail spaces, all of which are occupied by a single, high-end retailer. Built in 2010, the loft-style community is a five-story, mixed-use, elevator-equipped building that offers dramatic, open floor plans with incredible 360 degree views from the rooftop deck. The average unit size is over 1,100 square feet and the average rent is approximately $2.25 per square foot. The building was 100% occupied at the time of the sale.

The seller was Sunset Alvarado Venture, LLC, led by Aaron Weinberg of Rock Ridge Investment Group, Los Angeles. The buyer was a family office investment firm headed by Shaw Shahery. “We are pleased to have expanded our portfolio of live-work projects in Los Angeles with another investment in a growing neighborhood in Los Angeles,” Shahery said.

Adrienne Barr of the West Los Angeles office of Hendricks-Berkadia was the listing agent in the transaction.

“The developers of this project were very forward-thinking in both the live-work aspect of the project and the Platinum LEED certification,” Barr noted. “They built a beautiful building in a submarket that is experiencing significant rent growth and investment in the community.”

The sale was consummated only a couple weeks after the reopening of Echo Park Lake. The lake was closed in 2011 for a $45 million rehabilitation. The upgraded lake now features water fountains, paddle boats and a boathouse with an outdoor café. The buyer waived contingencies on one week and closed the transaction within 60 days.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.