Results for ‘Building Adaptive’ category

Another obstacle to in-fill development

Want to give you some insight into why, exactly, its so hard for LA to add more housing. Here’s a perfect example: We own a big, R3 lot in an improving area, bordered by two alleys. This ought to be a super easy lot to develop and, indeed, we are in the process of obtaining

Thinking about 2018

We’re coming to the end of deploying our current fund and, as usual, I’m considering several possible ideas for our next one. The most likely possibility is that we will do another round of rehab deals, this time ideally with a larger fund of (slightly) cheaper equity… say, in the 5% pref range, instead of

My on-going pain in the ass

In general, I find managing apartments to be the most painful thing we do. No one calls up his landlord to thank her when everything is great in the apartment. But when something goes wrong, it’s like you just killed the person’s dog. So, why do we continue to manage, rather than outsourcing? Well, the

The math behind what we do

At this point in the cycle, when we consider a new deal, we spend a lot of time thinking about leverage. Mainly, we’re looking at how our pro forma unlevered yield (eg the cap rate we’re trying to hit post renovation) compares to the projected interest rate on the refinance we’ll do at that point.

Here we go again

Just started interior demo on a new, large project in an area we absolutely love. Despite the market being hot, because we bought well, this project is going to end up being a really good one. But, before we get to the fun part where we release beautiful new homes for people to enjoy for

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