What it costs to live above El Batey at Grafton Lofts in Echo Park

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Grafton Lofts Echo Park
Grafton Lofts on Echo Park Ave. Photo via @graftonlofts

The Grafton Lofts building (formerly Del Mor Apartments) is located at the Echo Park and Morton Ave fork. They are currently owned by M West Holdings, which is headed by its president, Karl Slovin, who has been in charge since 2003.

In 2013, they acquired Del Mor for 9.275 million, breaking records for a brick building purchase in the Echo Park commercial real estate market.

The building joined a family of other multi-unit apartment buildings across a vast area of Los Angeles. The naming of the building comes at no surprise after a quick glance at their other holdings. M West Holdings has a bit of a love affair with the word ‘lofts’ as seen below, and Grafton is a side street to the south of the building that stretches westward to Lake Shore Ave.

M West Holdings California Properties
M West Holdings CA properties. Source: mwestholdings.com

Since the purchase, they have been actively involved in the reshaping of the historic building. Tenants living in the building have said that there has been various construction and remodeling projects in the residential floors, and there has also been well-recorded shifting of the retail spaces below.

Flounce Vintage was not able to come to an agreement with M West Holdings, and was forced to seek a new space a bit eastward on Virgil Ave.

Last week, El Batey was given an eviction notice for not being able to meet a rent increase of 300%.

So as both residential and commercial contracts expire or are terminated, the clear question is, what are the new price tags, as M West Holdings tries to recover its financial investment in the building and area?

Below are the advertised price tags for their residential spaces above the retail, along with a scaled illustration of the floor plans.

Studio Apartment — $1,950

Grafton Lofts Rent Studio

One Bedroom Apartment, Version A — $2,400

Grafton Lofts Rent 1 Bedroom

One Bedroom Apartment, Version B — $2,600

Grafton Lofts Rent 1 Bedroom Cost

The 2 bedroom unit’s price is not publicized, but it’s safe to say it’s over $3,000 a month.

So what comes along with the price tag? The amenities advertised are:

  • Assigned parking
  • On-site maintenance
  • Gas, electrical, water, sewer, trash are included
  • On-site laundry

Grafton Lofts also boasts about its retail spaces below, mentioning a “trendy little boutique” that is perhaps a reference to the ousted Flounce Vintage.

It also says it is walking distance to restaurants and nightlife, such as the Goldroom, Taix French Restaurant, and Barragan’s, which is now closed.

It’s clear that M West Holdings jumped at the opportunity to invest in up-and-coming Echo Park, but now comes the marketing of the building, and the gaining of the investment through high rents for both residential and commercial units–price tags that the building had never seen before.

 

Source: graftonlofts.com

5 Responses

  1. Lake Shore

    Those prices are out of control! I was paying $1650 for a two bedroom in SILVER LAKE until I moved.

  2. These prices are not typical of the area. What it looks like is M West Holdings payed waaaaay too much for this building thinking it was going to be a huge investment for them but when the property value didn’t increase (Echo Park is pretty stagnant in that regard) they decided to try to get a return on the investment by charging a massive amount for rent and assuming they would get it. The loss of those businesses will pretty much ruin that particular stretch of Echo Park Blvd and lower the property value. These guys are class A morons and obviously have no idea what makes Echo Park attractive in the first place.

  3. Satellite

    I agree. You would think that such a hefty investment comes with more research. I’m not a real estate expert or an expert in rents around town but 2,500 for a 1 bedroom there? You must be stupid to even apply, and stupider to offer those units at the price. Seems like they got their calculator out, and divided their investment by the number of units and X number of time, and voila, you’ve got 3 thousand/unit for the investment to break even in whatever many years. I wonder what El Batey is being asked to fork over to stay in that place.

    And I know Chango is popular, but are they going to be able to meet drastic rent increases? Or are they even going to get the same treatment as El Batey?

    Clearly these people just heard about the buzz in Echo Park and gathered some funds to bring this piece into their collection. I’d be interested in hearing from tenants or ex tenants about life there moving forward.

  4. John Allen

    Ridiculous. I pay $1599 for 750sf one bedroom in Beverly Hills one block off Beverly Drive. Those Those Echo Park units will sit empty and the landlord will be forced to lower the price.

  5. That is downright insane. Our mortgage for a 3 bedroom house with a lot that’s street to street in Echo Park isn’t that much!

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