Tenacity pays off in making a deal!
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.