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Why we’re selling 2727 E 4th St.

Regular readers know I’m not a fan of selling LA real estate, particularly in improving neighborhoods. So, why are we selling 2727 E 4th St. in Boyle Heights? The fund that owns it has a structure which requires we meet a certain yield threshold to keep pace with the investors. To get the yield up above

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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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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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People are moving again

Bloomberg is out today with an article confirming that people are, once again, moving around the country. This is a big deal for the real estate business. The Great Recession essentially froze people in place, because they couldn’t sell their (underwater) homes and had little confidence in finding work in other cities. This was really

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Who passes on a 7% unlevered deal?

We just cancelled escrow on a deal that I thought was pretty likely to end up a 7% unlevered return. How do you pass up a deal like that, particularly in this market? I know this is going to sound crazy to long-time readers, but, sometimes, it’s not about the numbers. On this particular deal,

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