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”
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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”
Some advice for aspiring developers
Had an interesting meeting yesterday with an MBA student who was in the class I spoke with earlier in the week. He’s got a family business building / rehabbing buildings and is considering whether to go back to it with his MBA and try to grow it or take a more traditional job with a … Continue reading “Some advice for aspiring developers”
What’s my apartment building worth?
Every once in a while, I take a look at the Google Analytics for this site to try to get a sense for what people are searching for to end up here. Turns out a ton of people are trying to figure out what their apartment buildings are worth. This is the kind of question … Continue reading “What’s my apartment building worth?”
Pondering single family home brokerage
As deals become harder to find in this cycle, we’re thinking about new ways to expand our business. One of the options is to make a push into single family home brokerage. Before you keel over, understand: I’m not advocating that people buy single family homes as investments. Except in very specific circumstances (like 2009-2011), … Continue reading “Pondering single family home brokerage”
Giving a talk today
Today, am going to speak to Mott Smith’s real estate development class at USC. The topic? Capital structures for real estate entrepreneurs… or, in other words, how to build a real estate business from scratch without starving. Here’s the rough outline for my talk: First: Do good deals Why a small asset base is a problem … Continue reading “Giving a talk today”
Another new one in Highland Park
Just finishing up another building in Highland Park that I think might interest some of you. Unlike many of the apartment buildings we renovate, this one was built by someone who cared about the people who would live there. The ceilings are pretty high, the units have a ton of light, there is parking and … Continue reading “Another new one in Highland Park”
Now leasing: 363 S. Leslie Way
Thought you would appreciate seeing some pics of our latest project, 363 S. Leslie Way, a fourplex we just finished renovating in Highland Park. Now, obviously, doing fourplexes is not an efficient way for us to put out capital. But our partner was in a 1031 exchange, the clock was ticking, and we liked the deal. … Continue reading “Now leasing: 363 S. Leslie Way”
How to become a deal gal (or guy)
Was talking over the weekend to a friend of mine about a deal he’s doing with a partner. His partner pulled a pretty impressive negotiating jui-jitsu move on a counter-party of theirs, one that neither my friend nor I would have even considered, let alone attempted.* My friend explained that his partner is not really … Continue reading “How to become a deal gal (or guy)”