Eastside Property: A pile of peach apartments find a new owner

Jan 9, 2014

The pile of peach apartments stacked on the hill above the Paradise Motel near Echo Park and Angeleno Heights are hard not to miss – though many passersby would prefer to look away at what looks like a mish-mash of bad  L.A. architecture.  The apartments, stairways, and balconies in the 15-unit building climb up the hillside in a crazy manner, topping out at a cul-de-sac on Sunvue Place.   While the building is no looker, that apparently did not matter much to one buyer who paid $2.72 million for the property last month during a court auction, reports real estate broker David Bramante.

Bramante, in his blog, notes that maybe the sale  may mean that things are looking up for this  area halfway between Echo Park and downtown:

Its horrible color scheme and strange looming design is compounded worst still by the motel at the base of the hill and the Rite Aid and Jack in the Box across the street. Nothing could make this infamously ugly intersection look any worse, but could the property recently selling change all of that? There might be some new paint in store for the old creepy peachy apartment building since it just sold.

The marketing material notes that any buyer should be “well capitalized” and be prepared to deal with a “major renovation and stabilization.”

Read the Full Story at Eastsider LA

Comments are closed