2011 Echo Park Avenue

Jason Tuvia and his team just closed on a 5-unit multifamily property in Echo Park, Los Angeles. The deal was owned by a lender and traded as an REO sale. The property sold less than 45 days after going back to the lender. Tuvia represented the Seller and brought multiple offers, including the actual Buyer who closed at list price. The Buyer just sold an $8mm deal in Oklahoma and bought this property as one of his 1031 uplegs. The Seller agreed to carry 75% LTV at 8% for the Buyer, allowing the Buyer to get good leverage while paying an above market interest rate. Even though there was no parking, the closing marks one of the highest price per unit and price per SF throughout the 90026 zip for 2024.