We are pleased to announce our acquisition of 128 N Rampart Blvd, a nine unit apartment building in new Echo Park neighborhood of Los Angeles. The purchase price was $1,275,000 with a GRM of 17.5.
Just blocks from the Beverly and Alvarado intersection- 128 N Rampart is in a prime location near Echo Park and the 101 Freeway. Tenants and business owners alike have been flocking to Echo Park due to the artistic flavor, proximity to entertainment jobs, and walkability to entertainment and eating venues. The defacto boundaries of Echo Park have expanded as new new retail, upgraded housing, and millennials in the creative industries push father south of the 101.
We intend to reinvent and extensively renovate this stereotypical 1963 building into a contemporary modern complex to fit the taste of the Creatives moving into and near Echo Park. These mass produced boxes were named dingbats as a derogatory term from the architecture community. We hope to fix some of their shortcomings. Brand new interior go on the inside. On the outside, we intend to maintain and enhance the original property’s 1950/60s character but with a twist of hip.
128 Rampart is PMI’s 20th acquisition in Northeast Los Angeles.