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.
The post Newly built Echo Park apartment complex listed for sale appeared first on The Real Deal Los Angeles.
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