With so many projects in the pipeline, we’re looking to add another leasing consultant to the Adaptive team. This person will help us find nice people to live in our nice apartments. To be successful in this role, you need that elusive combination of hustle / salesmanship PLUS honesty / ethics. Not always easy to find, but … Continue reading “Looking for another leasing consultant”
Category: Building Adaptive
Here we go again
We recently started work on another project, this one an eight unit deal in East Hollywood, right near some other projects we’ve done. It’s an interesting project: The front four units are going to be huge 3 beds and the back four (which were built later) will be reasonable sized 1/1s. We’ve got some parking … Continue reading “Here we go again”
The benefits of being a good acquirer
Last week, we removed contingencies on the acquisition of a 16 unit building in an A area. The price is far from a steal, but it’s fair and, more importantly, works for us. The deal was never on the MLS or Loopnet. We didn’t win a bidding war. Instead, a broker with whom both buyer and … Continue reading “The benefits of being a good acquirer”
It’s starting again (again)
Late last week, we started on yet another apartment renovation project. This one is six units in Highland Park. Unlike some of the other projects upon which we’re working, this building has pretty good bones. Am really excite to see how it comes out.
807 N Madison is leased up
We just finished leasing up the front structure at 807 N Madison, our most recently completed renovation project. Leasing the 10 units took us something like 31 days. We began construction in mid September of 2014, so the entire process took approx. 300 days (a little longer than we would like, due to some unanticipated … Continue reading “807 N Madison is leased up”
Thinking about expected value with Elon Musk
Just started reading the Elon Musk biography and am feeling inspired. In case you don’t know of him: Musk started and sold Zip2 and then PayPal, then started Tesla, SpaceX, and SolarCity. The latter three ventures push the boundaries of what is possible with technology in electric cars, space exploration and renewable energy, respectively. From a … Continue reading “Thinking about expected value with Elon Musk”
Closing on another one today
Today, we’re closing on a little fourplex deal in a neighborhood we really like. It’s a roughly $1.1MM all-in project, way too small on its own to be worth our time. However, it’s near a bunch of other stuff we’re renovating, it’s a simple project (no reconfiguration of the units), and we like the area … Continue reading “Closing on another one today”
What’s keeping me up at night
Do you know what’s keeping me up at night lately? It’s the following question: To what extent are apartments downtown and in Hollywood substitutes for the apartments we are renovating in East Hollywood, Silver Lake, Highland Park, etc.? I mean “substitutes” in the economic theory sense: “A product or service that satisfies the need of … Continue reading “What’s keeping me up at night”
What’s going on today
Just in case anyone thinks what we do is glamorous, thought I’d give you guys a sense for what I’m working on today. Am working on securing four different loans: Refi of a stabilized property so we can return ~70-80% of the capital invested to our investors Two bridge / construction loans One line of credit … Continue reading “What’s going on today”
Our business depends on this one little joke
Jon and I were talking about a deal we’re considering doing. We were going through the pluses and minuses, trying to make sure we were both comfortable with it. One of us said: “…, and we would be putting out a ton of capital.” We both paused, laughed, and then shook our heads. The reason … Continue reading “Our business depends on this one little joke”