Clear Capital has sold Morton Gardens, a 66-unit property in the Echo Park neighborhood of Los Angeles. The buyer, an institutional investment fund, has purchased the asset for $25.5 million. Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction and procured the buyer.
The property is located at 1811 Morton Ave., only a 15-minute drive from Hollywood, downtown Los Angeles, Glendale and Burbank, thanks to its proximity to freeways 101, 110, 5 and 2. The community is within walking distance of Elysian Park and less than a mile away from Dodger Stadium.