PMI Acquires 9 unit Echo Park Apartment Building For Renovation

Tenacity pays off in making a deal!

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We are pleased to announce our acquisition of 306 N Bonnie Brae, a nine unit apartment building just south of Alvarado in Echo Park. The purchase price was $1,350,000 with a GRM of 12.6.
We had to be resolute to acquire this property. During our due diligence, we discovered a structural problem and needed to call in another vendor to confirm an assessment. Unfortunately, we ran out of time and the property fell to another party. When their escrow failed to close, we asked for an additional five days to have our consultant confirm the assessment. It was successful. We were able to go under contract again and closed escrow.

Just outside Silver Lake and across from the famed Derby Dolls “Doll Factory” in HOT Echo Park, 306 N Bonnie Brae falls directly in PMI’s target area. Tenants have been flocking to Echo Park and Silver Lake due to the artistic flavor, proximity to entertainment jobs, and walkability to entertainment and eating venues. We are moving just as quickly to provide creative and unique housing.

The building is not beautiful and modern, but we can visualize the potential and will recreate this 1950’s dingbat into an exciting new property.

Downtown Art District Gentrification is On the Move and Differs From Other Northeast Areas

People lined up for icecream in the Art District

People lined up for ice cream in the Art District

I was downtown today on Saturday at 2pm in the Art District. I notice many young millennials out on the street walking around, browsing in several new or pop up retail store, or sitting at outdoor cafes. It was a different vibe than even several years ago.

Art District Patron Sitting outdoors in restaurant.

Art District Patron Sitting outdoors in restaurant.

There was a distinct difference between these young millennials and those that are moving into Silver Lake, Echo Park, Virgil Village, and Highland.. The latter Northeasters are hipster, rockers, Gothic, or grunge. Those in the Art District were very fashionista.

PMI Retains Carl Muhlstein and his JLL Team to Lease 3525 Eastham in Culver City

Creative offices At 3525 Eastham

Creative offices At 3525 Eastham

PMI has appointed Carl Muhlstein and his JLL team to lease its 17,000 square foot creative office availability at 3525 Eastham Avenue in Culver City. 3525 Eastham is a creative office building with 28 foot dramatic bow truss ceilings and is move in ready. PMI specializes primarily in smaller suites of 1,000 to 10,000 square foot space. PMI brought JLL on to help it lease this larger availability. The 17,000 square foot availability is one of the few such availabilities of its size in the super hot Culver City market, which has recently attracted tenants from tech, entertainment  and new media.

Carl’s special emphasis on the entertainment industry, creative office and workplace strategies makes him an ideal choice for this assignment.