Am thrilled to announce the completion of yet another apartment repositioning project, this one the 10 unit front structure at 807 N. Madison. This deal has an interesting back-story. I helped the owners buy the building way back in 2012, pretty early in the history of Adaptive. In many ways, it was a typical Adaptive
Back when we started, Jon and I needed to sell renovated buildings. The reason was pretty simple: We needed the dough. When you’re in the money management business, you generally don’t see much in the way of money yourself until you make your partners money. They don’t take it on faith; they want cold hard
In our business, there is a lot of money to be made. I personally know agents who have cleared north of $1MM in gross commissions in good years. I know a guy who owns one of the midsize brokerages in LA and I think he clears $5-10MM / year. Obviously, huge asset managers like Blackstone, etc.
David Walentas of Two Trees Management. Who’s that? Walentas was in the business as small-time owner / developer in NY in the 1970s. Then, in the early 1980s, he made a deal to buy a bunch of warehouses in a then-ignored part of Brooklyn called DUMBO (“Down Under the Manhattan Bridge Overpass”) for something like
The short answer is, if it’s in Los Angeles, its probably worth more now than it has ever been worth in the past. Why? Because everyone with cash and a brain is sick of getting 0.01% interest in his/her checking account and is therefore chasing yield by buying buildings, because even a so-so deal on