Results for ‘Development’ category

One way to think about our business

For a long time, as young professionals aged into their late 20s / early 30s, they would move out of LA to suburbs in search of a big single family home with a yard, etc. Demand for apartments in LA, particularly in the areas east / north of Hollywood, was therefore mostly constrained to professionals

Off market-deal

Not to beat a dead horse, but: We have a reasonably interesting, off-market 4plex deal that we’re going to send out tomorrow. It’s not going to set anyone’s world on fire, but we think it’s a worthwhile project for someone who likes Silver Lake and is willing to do some work to add value. And

3210 Bellevue is sold

We finally sold the last Fund 1 property yesterday and I thought I’d take the opportunity to share the (unaudited, unofficial) numbers: Purchased 5/23/2013 for $690,000 Spent ~$410k renovating (including all fees to Adaptive) So, all in for $1.1MM Took in ~$40k from rents while we owned it Sold 10/9/2014 for $1.42MM Net sale proceeds of ~$1.32MM

Only in LA…

…would you have huge buildings on Broadway, where studios rent for $4 sq ft, totally vacant above the first floor. Why haven’t the owners used the adaptive re-use ordinance to re-purpose these interesting old buildings as either condos or apartments? Simple: Prop 13. The owners probably bought the buildings a million years ago for pennies,

Why we don’t announce closings

If you’re at all active in real estate, your email account is spammed daily by brokers announcing the closings of their latest deals. Why do they do this? Because doing so: Shows everyone in the market how active the broker is Keeps the brokers’ name in front of potential clients, increasing the chances potential clients call

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