LOS ANGELES, CA – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $2.03 million acquisition of the Niagara Apartments, a 10-unit apartment property located in the Echo Park neighborhood of Los Angeles.
Senior Vice President Mark Ventre of Stepp Commercial represented the buyer, a private investor, in the transaction. The seller was a private trust. The property closed at a 2.5 percent cap rate and a price per unit of $202,500.
“This pocket of Echo Park adjacent to Angelino Heights is one of Los Angeles’ historic neighborhoods that is quickly gentrifying as nearby communities like Silver Lake, Downtown, Los Feliz and Hollywood continue to see dramatic new development and parallel rent increases,” said Ventre. “This buyer is a seasoned value-add investor, and this particular asset is primed for a significant repositioning that when complete will elevate the currently underperforming rents to market-making rates.”
Originally built in 1960, this single building, two-story property is located at 1315 Montana St. on a residential hillside street near Dodger Stadium, Elysian Park, Victory Grove and is just a short drive to Echo Park Lake. It consists of six one-bedroom and four studio units.
Echo Park is a unique, historic neighborhood that is known for its vibrant street murals and a lively nightlife scene. Indie music venues, trendy bars and taco trucks can be found along Sunset Boulevard, along with coffee shops, vegan eats and quirky boutiques, making it one of Los Angeles’ most engaging neighborhoods.
About Stepp Commercial: Stepp Commercial is a brokerage firm specializing in the multifamily property sector. Stepp Commercial’s mission is to provide apartment owners with a fully integrated sales platform that includes comprehensive market knowledge and local real estate expertise to successfully complete any type of multifamily transaction. For more information visit steppcommercial.com