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LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Morton Gardens, a multifamily property located in the Echo Park neighborhood of Los Angeles. A regional private investor sold the property to an institutional investment fund for $25.5 million, or $386,364 per unit.
Built on 2.9 acres in 1972, Morton Gardens features 66 units in a mix of one-, two- and three-bedroom layouts, two courtyards, controlled entry and covered parking.
Joe Grabiec, Greg Harris and Kevin Green of IPA, along with Paul Darrow of Marcus & Millichap, represented the seller and procured the buyer in the deal.