After rescuing the Bellevue Lofts project in Angelino Heights from delays, bankruptcy, and years of despair, Lion Real Estate Group is looking to move on says Eastsider LA. In those heady, pre-recession days when million-dollar condos with killer freeway views seemed like a good idea, the 1920s-era lowrise brick building was known as the Brownstone Lofts and was being redeveloped as swanky condos. But the developer went bankrupt before finishing the project, so Lion swept in, gave the building a new name and swapped the condo plan for 55 pricey studio, one- and two-bedroom apartments. Lion poured $14 million into Bellevue to finish the renovations, installing elevators and building a parking garage, and now they want to cash out. Anyone with $21 million burning in a hole in their pocket can step up and expect to make nearly $1 million a year in net income, per Loopnet's listing. If that's not sweet enough, the listing also references a new study indicating that Echo Park rents are due to rise a staggering 19 percent by 2016.
· The ultimate flip at $21 million [ELA]
· See The 101 Up Close! Bellevue Lofts Now Renting [Curbed LA]