Results for ‘Development’ category

Finishing up another one

We’re just finishing a 6 unit deal in an area where we’ve done a ton of business, and thought you guys would like to see pics. The ads went up this past Monday (so, seven days ago) and already 5 of the 6 units are spoken for. Think the unlevered yield on this one is

The most important variable

In a recent email to investors in Adaptive Realty Fund 4, I wrote: “In our business, there are three types of variables (of varying degrees of magnitude): Things we can’t control… Things we can control… Things over which we have some, but not total, control…” Spent the rest of the letter discussing the most important

How rising construction costs impact affordability

Everyone knows LA is in a housing crisis and everyone is talking about up-zoning as a potential fix. But, recently, a big part of the problem is that construction costs are skyrocketing… and that’s what I want to discuss today. What’s going on? The wipeout of 2007-9 crushed a lot of subcontractors (plumbers, framers, roofers,

How increasing replacement costs imply a widening investment moat

Experienced real estate investors know to keep an eye on replacement cost when considering rehab deals. The idea is to try to ensure your property will have a cost advantage vs. its neighbors. The thought process is pretty simple: When considering doing a project, you want to look at what it would cost a competitor

Some love for Scott Weiner

As a housing supplier, it is in my financial interest for the government to continue to block development of new housing at a scale commensurate with demand. However, as an American who loves cities, in general, and Los Angeles, in particular, I am strongly in favor of loosening restrictions on development. More housing equals lower

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