Tommy Ly Acquires 34-Unit Multifamily In Echo Park For $14.6M

Located in Echo Park, the multifamily property at 706 N. Alvarado St. has changed hands in a recent transaction. The sale took place on January 19, 2022. Tommy Ly acquired the property from Gary Schaffel for a total sale price of $14,600,000. The property consists of 34 units, resulting in a price per unit of $429,411. With a total area of 20,639 square feet, the property sold at a price per square foot of $707.

Summary of Transaction Details

• Property Type: Multifamily
• Transaction Amount: $14,600,000
• Address: 706 N. Alvarado St.
• Market: Echo Park

The deal was facilitated by Compass, with Shaya Braverman, Dario Svidler, and Morgan McMullin representing the parties involved. These brokers played a crucial role in the successful completion of the transaction.