A newly built 190-unit Class A apartment portfolio in Echo Park has quietly hit the market, with Avison Young tapped to run the sale for Vancouver-based developer Aragon Properties. The offering bundles three modern buildings, Park, Vista and Zag, clustered along Toluca Street and Glendale Boulevard, putting an institutional-scale stack of market-rate units up for grabs in a neighborhood still dominated by older, rent-regulated stock.
Brokerage and the offering
According to Connect CRE, Avison Young’s capital markets team, Peter Sherman, Hannah Maile, Sam Chow, James Nelson and Erik Edeen, is marketing the unpriced portfolio on Aragon’s behalf. The publication reports that the three properties together total 190 units and are exempt from the City of Los Angeles Rent Stabilization Ordinance, allowing market-rate rent growth in a city where a large share of multifamily inventory remains rent-controlled. Marketing materials flag immediate operational upside, leaning on the buildings’ new-construction finishes and walkable locations.
What’s included
Aragon’s leasing site lists Park at 200 N Toluca St. and Vista at 215 N Toluca St., according to Aragon, while community listings show Zag at 1750 N Glendale Blvd, per Apartments.com. Public apartment listings indicate that Park and Vista together comprise about 120 units, according to Homes.com, and Apartments.com lists Zag at roughly 70 units. Those counts line up with the 190-unit total cited in the marketing materials and reflected on the developer’s leasing pages.
Why RSO status matters
The portfolio’s exemption from rent stabilization is a central part of the pitch because the Rent Stabilization Ordinance sharply limits rent resets across much of Los Angeles. The Los Angeles Housing Department notes that the RSO generally applies to properties first built on or before Oct. 1, 1978, and that roughly three-quarters of the city’s multifamily stock falls under the ordinance. For buyers, newly constructed, non-RSO product removes one major local restriction on rent increases, although statewide rules and other city regulations still apply.
Brokers' pitch
“Opportunities to acquire newly constructed, non-RSO multifamily product at scale in Echo Park are exceptionally rare,” Avison Young’s Peter Sherman said in the marketing materials, as quoted by Connect CRE. Sherman and the team are positioning the three-building package as a single, institutional-quality entry point into a walkable, amenity-rich neighborhood, with room to improve operations and leasing performance. The brokers expect interest from private equity firms, REITs and other institutional players that are chasing newer multifamily supply in Los Angeles.
Market context
National and local brokerage commentary points to newly delivered Class A multifamily as some of the most sought-after product, as older units stay under rent control and the pace of new projects moderates. Avison Young’s multifamily outlook highlights continued demand for newer apartments and rent growth in many U.S. metros, trends that support the case for a non-RSO Echo Park portfolio. Prospective buyers will be sizing up near-term leasing performance against longer-run market fundamentals as they evaluate the unpriced offering.
The portfolio is being shopped through Avison Young’s capital markets channels, with no list price in the initial marketing. Interested investors are expected to move into due diligence as the team fields offers, with the package providing a relatively rare way to gain immediate scale in Echo Park’s tight apartment market.
