From the L.A. Business First:
A 10-unit rent-controlled apartment property in Echo Park has sold for $3.8 million.
Located at 1330 Portia St., the fully renovated property was built in 1966 and consists of eight one-bedroom units and a studio accessory unit, plus another one-bedroom accessory unit. Two apartments were vacant at the time of sale and most rents were near market rate.
The property, named Proper Portia, sits right off Sunset Boulevard close to several bars and eateries and adjacent to Elysian Park and Echo Park Lake.
Marcus & Millichap closed the sale, led by Jason Tuvia, senior managing director in the firm’s Encino office. The listing team secured this year’s second-highest price per square foot for a rent-controlled property in the 90026-zip code with the sale, as well as a quick escrow period. The seller was Proper Portia LLC, a local multifamily developer, and the buyer was 1330 Portia LLC, which purchased the property in cash with a 1031 exchange.