SUCCESS STORY
Echo Park New Construction Sets Sales Record
321 N Bixel St.
At $700 per foot, the sale of 321 N Bixel sets a price per foot record for new construction projects in Los Angeles County.
Price
$
4,850,000
City
Echo Park
Current Cap Rate
4.25
%
Price P/ Unit
$
538,889
Lot Size
7,000
SF
321 n bixel
About the Property
321 N. Bixel was a collection of newly constructed modern units offering condo-quality amenities and unparalleled views of the DTLA skyline. This stabilized trophy asset generated $300K+ in annual gross rental income and featured stellar tenant profiles with high-income producing jobs. Constructed in 2020, this generational asset featured (7) loft-style studio units with private rooftop patios and (2) studio units with private courtyards.
Price
$
4,850,000
City
Echo Park
Current Cap Rate
4.25
%
Price P/ Unit
$
538,889
Lot Size
7,000
SF
Background
Constructed in 2020, The Bixel Lofts is a new construction trophy asset comprised of 9 condo-quality units that are not subject to LA City Rent Control. This modern gem was previously listed with another top-performing multifamily team and received minimal activity. With an impressive recent new construction track record, the Seller turned to Kenny Stevens Team to get the job done.
Challenge
Despite the incredible amenities, strong tenant profiles, and the promise a gentrifying neighborhood, interested buyers felt the price was steep compared to other new construction projects in the neighborhood. Kenny and Max knew they were looking for a “needle-in-a-haystack” 1031 exchange buyer who would appreciate the quality of construction and stable cash flow.
Result
Through our marketing initiatives, Max and Kenny identified an outside agent with a 1031 exchange client that needed to close quickly. Our Seller was thrilled to accept an offer at $4,850,000, and escrow closed 30 days later. At $700 per foot, the sale of 321 N. Bixel sets a price per foot record for new construction projects in Los Angeles County.
