Results for ‘Development’ category

Fixing the small lot ordinance

Was listening to a podcaster bemoan the failure of the Small Lot Subdivision Ordinance to deliver affordable housing in LA. There’s a lot of noise around this issue, because the homes that have been built under the ordinance have ended up being pretty expensive. Have two, distinct points to make about this issue: It is

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

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