The Echo Park neighborhood of Los Angeles is set to be home to two multifamily properties with a total of 102 units. Manhattan West Real Estate together with Local Development will develop the project.
The joint venture paid US$ 4M earlier this month to purchase 900 Alvarado, which has 15,000 square feet of property. It paid US$ 4.2M in December 2021 to acquire 801 Alvarado, a property of 12,678 square feet. The properties’ empty buildings will be demolished at the beginning of September.
Construction on both projects is expected to start in late 2023 when entitlements are approved, and both are expected to be finished in around two years.
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Features and amenities of the two multifamily properties at Echo Park Neighborhood of Los Angeles
The apartments will have facilities including a rooftop deck, balconies in most units, and one, two, and three-bedroom suites. 47 apartments will be located over a fitness center and a 48-car, two-level underground parking garage at the 900 Alvarado site.
The 801 Alvarado building will include 55 residences spread out over a two-level, underground parking garage for 40 cars. 801 Alavardo is being designed by Warren Techentin, while 900 Alavardo is being designed by DE Architects. They will also have other energy-saving features, like solar and EV charging stations.
Hankey Capital, a West Los Angeles-based company, provided senior finance for the purchase of both buildings. The partnership is currently pursuing development entitlements with the City of Los Angeles via its Transit Oriented Communities Affordable Housing Incentive Program for 801-809 N. Alvarado St. and 900-908 N. Alvarado St., which are situated one block apart from each other.
More on the Manhattan West Echo Park project
According to Adam Norvell, managing director of real estate at Manhattan West, Echo Park has been thriving over recent years. This is reportedly in part due to its convenient location to a number of employment centers and expanding base of trendy local restaurants and shops. Its proximity to the diverse community of artists, musicians, and other creatives has also contributed immensely.
