PMI Expands Its Echo Park Portfolio Again!
We are pleased to announce our acquisition of 251 North Rosemont Ave, a ten unit apartment building in the new Echo Park neighborhood of Los Angeles. The purchase price was $1,575,000 with a GRM of 14.55.
Just south of Temple Street and the 101 Freeway, the defacto boundaries of Echo Park have expanded as new retail, upgraded housing, and millennials in the creative industries push into the adjacent neighborhoods. We are actively expanding our portfolio to include properties in these neighborhoods, providing modern creative housing unlike anything else in these locations.
We intend to reinvent and extensively renovate this stereotypical 1929 building into a contemporary modern complex to fit the taste of the Creatives moving into and near Echo Park. We will fix some of the building’s shortcomings, starting by constructing brand new interiors. On the outside, we will maintain and enhance the original property’s character while including a twist of hip.
251 N Rosemont is PMI’s 21st acquisition in Northeast Los Angeles.