Category: Development

Pro tip: Don’t move the mailbox

When you renovate an apartment building, you may be tempted to move and/or replace the mailbox. Don’t. Why? When you install a new mailbox for an apartment building, it comes unlocked. The USPS needs to install a master lock so that the mail-carrier can access the slots. But, due to budget cuts, the USPS is down to … Continue reading “Pro tip: Don’t move the mailbox”

229 S Avenue 60 is done

Thought you’d appreciate seeing pics of our latest project, a seven unit building on Avenue 60 in Highland Park. The units are pretty awesome and come with lots of parking. Best of all, they’re walking distance to all the interesting galleries, bars, restaurants on Figueroa. There’s a one bed at and six three beds at … Continue reading “229 S Avenue 60 is done”

What we talk about when we talk about appreciation

Have been doing some thinking about appreciation and how it affects our business. First, what is appreciation? It is the tendency, over time, of the price of real estate (in Los Angeles, anyway) to increase. A bit of clarification: Obviously, there is no guarantee that real estate will increase in price over any particular time … Continue reading “What we talk about when we talk about appreciation”

363 S Leslie is fully leased

You may remember 363 S Leslie, a 4plex we recently completed in Highland Park. Here’s a pic to jog your memory: Am happy to report that leasing is done. Better yet: Our rents came in materially higher than we originally pro forma’d. So, instead of the 6.3% unlevered yield we expected out of the property, I … Continue reading “363 S Leslie is fully leased”

Attack of the zombie street dedications

All over the city, there are zombie street dedications increasing the cost of housing. Wait… what? (You say.) A street dedication is how the city responds to old, narrow streets that don’t meet modern standards. It can’t start ripping down peoples’ buildings and taking away their front yards (well, it could, but that would require … Continue reading “Attack of the zombie street dedications”

Some misguided thinking about rents in Highland Park

Just read this interview with the president of the Highland Park Neighborhood Council and it’s making me kind of mad. Before I get into “why”, I want to begin by acknowledging Ms. Alcaraz’s hard work on behalf of the whole neighborhood. Running a neighborhood council is no joke; it’s hard, important, often thankless work for … Continue reading “Some misguided thinking about rents in Highland Park”