LOS ANGELES, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured financing for Heights at Echo Park, a 29-unit, Art Deco-style multi-housing property in Los Angeles’ Echo Park neighborhood.
HFF marketed the property on behalf of the seller, a private investor. The asset was purchased for $6.85 million free and clear of existing debt by Engine Real Estate, LLC. In addition, HFF arranged $4.345 million in acquisition financing on behalf of the buyer through a local bank. In the past 90 days, HFF has closed four middle-market multi-housing properties in the Los Angeles area, including Hollywood Tower in Hollywood; Villa Toscana in Canoga Park; and Majestic Prairie in Northridge.
Originally completed in 1928, Heights at Echo Park is located just north of iconic Sunset Boulevard near Echo Park Lake, Dodger Stadium, Interstate 5 and Highway 101 in central Los Angeles. The historic, four-story property consists of a mix of studio and one-bedroom units totaling approximately 20,889 square feet. Property features include a classic Art Deco lobby, spacious floor plans with exposed brick walls, laundry facilities and outdoor community space.
The HFF investment sales team representing the seller was led by director Blake Rogers.
HFF’s debt placement team was led by director Marc Schillinger.
About Engine Real Estate, LLC: Engine Real Estate, LLC (Engine) is a value-add real estate investment firm based in the Arts District in Los Angeles, California. The firm specializes in identifying, acquiring, renovating, activating and operating creative office, retail and residential properties, which are underutilized and trade at a discount to their intrinsic value. Engine’s vision is to build stronger communities within emerging neighborhoods by catering to a dynamic tenant base of forward-thinking residents, retailers and office users. Engine benefits from in-house expertise in finance, architecture, construction, asset management, sales and leasing. The collective experience of the team ensures the seamless execution of its business plan across multiple channels.
About HFF: HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.