Three new apartment properties in Echo Park are hitting the market.
Aragon Properties is listing the 190-unit portfolio less than two years after they were completed, L.A. Business First reported. The collection consists of Park at 200 North Toluca Street, Vista at 215 North Toluca Street and Zag at 1750 Glendale Boulevard. Pricing guidance for the portfolio has not been disclosed.
Park and Vista opened in 2024 and are located next to each other. Zag was delivered in 2022 and is roughly two miles away from the twin properties. All three Class A multifamily properties boast studio, one- and two-bedroom units with amenities including rooftop decks, gyms and in-unit laundry.
Park and Zag have assumable Fannie Mae financing, according to L.A. Business First. All three properties are exempt from Los Angeles’ Rent Stabilization Ordinance, allowing a potential buyer to capitalize on unrestricted market-rate rent growth in a city where more than 75 percent of multifamily inventory is rent-controlled. Avison Young’s Peter Sherman, Hannah Maile, Sam Chow, James Nelson and Erik Edeen will market the portfolio for Vancouver, Canada-based Aragon.
“Opportunities to acquire newly constructed, non-[Rent Stabilization Ordinance] multifamily product at scale in Echo Park are exceptionally rare,” Sherman, a principal and head of U.S. multifamily sales and development with Avison Young, said in a statement. The portfolio presents a potential buyer with “high-quality construction” near “premier walkable locations” in “one of Los Angeles’ most culturally vibrant neighborhoods.”
With current rents averaging roughly 4 percent below market rate, the properties offer a buyer “near-term value potential,” Maile added. “An experienced owner/operator is poised to benefit from immediate occupancy gains and continued, strong rent growth in a submarket that remains comparatively affordable relative to nearby neighborhoods such as Silver Lake,” Maile said.
Multifamily properties seem to be a promising place for investors to sink their money, as the sector drove investment sales across the city last year as the industrial and office markets wobbled. Overall multifamily deal activity in Los Angeles rose 11.1 percent last year, according to Avison Young. In total, the city saw 557 multifamily trades, valued at $6.5 billion, marking a 30.8 percent jump in dollar volume from the year prior.
— Chris Malone Méndez
Read more
Aragon Properties gets green light for 327-unit complex in Echo Park
Multifamily buyers buoy LA investment sales despite flat rents
Aragon Properties expands plans for apartment complex in Echo Park
