Results for ‘Development’ category

On competing with cowboys

Yesterday, while perusing the MLS, I came across a renovated duplex for sale in a neighborhood we like. Curious about the renovations, I checked the LADBS website to review the permits pulled. Of course, there were no permits on file for the rehab. This infuriated me. Why? Well, these units are going to compete for

Another successful Adaptive deal

We just closed on the refinancing of an 11 unit apartment building. We bought the building two years ago for $2.65MM, then spent another $900k renovating it, bringing the total investment to ~$3.55MM. Our net loan proceeds on the refi are $3.54MM and we’ve accumulated ~$250k in cash from operations since lease-up. So, today we’re

Preservation or affordability on Sunset?

Curbed LA has a story today about the possibility that the city will deem the Hollywood Reporter building on Sunset a Historic Cultural Monument and thereby prevent a developer from moving forward with plans to build ~300 hotel rooms, ~190 condos and and ~700 apartments on the site. I appreciate interesting architecture. But I think the

LA population growing faster than housing stock

Just like the prices for every other commodity, pricing for housing units (eg rent) is governed by supply and demand. Between 2016 and 2017, Los Angeles gained ~40,000 people (taking us above 4MM for the first time). The number of apartments delivered, in the midst of a historic boom in multifamily construction: ~13,000. Depending on

Restaurants, bars and gentrification

Bisnow has an interesting article today about the ability of a few pioneering restaurants to “spur development in underserved neighborhoods”. Now, before we dive in, we need to be clear that “underserved neighborhoods” are not empty places waiting for some new business to come in and put them on the map. Generally speaking, these neighborhoods are

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