Updated Oct 29, 2024
Clear Capital Sells Echo Park Apartment Community For $25.5M
1811 Morton Avenue, Los Angeles, CA 90026, USA
$25,500,000
$460/SF
Building Size
55,433 SF
Asset Type
Development Site
Closing
Feb 10, 2019
About this deal
AI
An apartment community in Echo Park has been sold for $25.5 million. The property, located at 1811 Morton Ave., consists of 66 units. The total square footage of the community is 55,433, resulting in a price per square foot of $460.
Summary of transaction details
- Property Type: Apartment community
- Transaction Amount: $25.5 million
- Address: 1811 Morton Ave.
- Market: Echo Park
- Total Square Footage: 55,433
- Price per Square Foot: $460
- Units: 66
The seller of the property is Clear Capital, and the transaction was facilitated by broker Paul Darrow from Marcus & Millichap.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.62%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93