Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, arranged the sale of 319 N. Westlake Avenue, a fourteen-unit apartment property located in the Echo Park submarket of Los Angeles.
The Westlake Avenue 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.
The unit mix for this property will contain five 1-bed/1-bath units and nine 2-bed/1-bath units with the average square footage being 888.
“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.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
