The 44-unit Del Mor Apartments, a red-brick apartment building that rises four stories above Echo Park Avenue, has been sold for $9.275 million, according to brokers involved in the sale. The Eastsider in October reported that M West Holdings was in the process of purchasing the 1928 building, which includes Chango Coffee, Cookbook and El Batey grocery and several other ground floor shops.
“Sold at nearly $172,000 per unit and over $200 per square foot, this sale represents a record breaking price for a brick building in the Echo Park market and is on the high end of comps for brick buildings sold anywhere in the Los Angeles market,” according to a press release issued by the Sperry Van Ness – Rich Investment Real Estate Partners.
The Del Mor, which stretches for almost half a block between Delta and Grafton Streets, has served as symbol of the demographic and economic changes that have been underway in Echo Park. The building that once served as a backdrop for scenes from Mi Vida Loca, the 1990s film about Echo Park gang life, now is the place to buy organic produce, lattes, vintage clothing and facials.
There was talk among some shop owners and customers that the new landlord wants to build new housing on the parking lot next to the building but that could not be confirmed. The Eastsider has contacted M West, which has restored and purchased several other old buildings across the country, for details.
The sale of the Del Mor is among the biggest Echo Park real estate deals this year. In July, the 20-unit Echo 1030 Lofts, which were built about four years ago on Alvarado Street near Sunset Boulevard, sold for about $9 million, according to online property records.