Marcus & Millichap Sells 36-Unit Echo Lake Apartments in Los Angeles for $7.35 Million
The completion of the selling procedure for Echo Lake Apartments in Los Angeles conducted by Marcus & Millichap has been successfully achieved for an amount of $7.35 million. It's notable that the real estate includes 36 households which are located at 1717-1725 Park Avenue.
Sean Rosenzweig and Josh Zimmerman handled the transaction. Both are investment specialists at Marcus & Millichap's Los Angeles office. They represented the seller, a private asset management company.
Built in 1958, Echo Lake Apartments consists of two buildings. Together, they cover 13,584 square feet on a 0.44-acre site. The apartment mix includes 18 studios and 18 one-bedroom units.
Property Improvements Since 2021
Around $1.9 million has gone into improvements at the property since 2021. The work covered both individual apartments and shared building facilities.
Of the 36 units, 30 have already been renovated. Six apartments remain untouched. The improvements also included updates to building systems, windows and common areas.
This leaves some work for the new owner to take forward. The six unrenovated apartments offer room for further upgrades, while a significant portion of the renovation work has already been completed.
Sean Rosenzweig, senior managing director of investments at Marcus & Millichap, highlighted the property's position directly across from Echo Park Lake. He also pointed out that multifamily properties of this size in the area rarely come up for sale.
Building and Site Features
The property is located one block from Sunset Boulevard. It includes gated entry and on-site laundry facilities. There are also 25 parking spaces across the two buildings.
Restaurants, retail outlets and entertainment options are located nearby. Echo Park Lake is directly across from the property.
With 30 renovated apartments and six still awaiting improvements, the property offers a mix of completed upgrades and remaining renovation potential. The $7.35 million transaction marks the transfer of this 36-unit Los Angeles apartment asset to its new owner.
