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Where our deals come from

Spent some time this morning looking back at all the deals we’ve done to see if I could learn anything about how we have historically sourced. Here are the numbers: Total deals done (as a buyer myself or as part of our fee-for-service business): 81 Of the total, number that were brokered: 74 Total number

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The numbers are out of whack

Our business model allows us to generate yields which are consistently 200 basis points in excess of “market”. In other words, if any random ding dong can buy a 4% cap, then we can reliably create a 6% by doing what we do. But, right now, a 6% isn’t that great. Why? Well, interest rates

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Some love for Scott Weiner

As a housing supplier, it is in my financial interest for the government to continue to block development of new housing at a scale commensurate with demand. However, as an American who loves cities, in general, and Los Angeles, in particular, I am strongly in favor of loosening restrictions on development. More housing equals lower

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Very poor urban planning

Here are some pictures that drive me insane:   These are pictures, respectively, of the Vermont /Beverly, Soto/1st, and Vermont/Santa Monica Metro stops. Why do they drive me insane? As a city, we are spending billions of dollars to build out our currently-woefully-inadequate public transportation system to turn LA into a normal city. The single

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Some thoughts on negotiating

Repositioning an apartment building requires obtaining the consent of a huge number of people and institutions, from tenants to contractors to city inspectors and on and on. This consent doesn’t necessarily have to be enthusiastic. But you still need it, because not getting it can screw up your project massively. So, a big part of

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